The German company that owns Woman's Day, New Idea and other household names is getting out of the Australian magazine business.
It comes as the industry has suffered plunging advertising revenue for years, made worse by the COVID-19 pandemic.
Bauer Media said it had sold its extensive Australian magazine portfolio to a private investment firm, Mercury Capital, but would not reveal the price.
The ABC understands it was a massive loss compared to the $525 million that Bauer initially paid for the magazines.
Bauer bought the declining business in 2012 from Consolidated Press, the family company of billionaire James Packer.
It was only last month that Bauer finalised its deal to take over Pacific Magazines, a major publishing business which was owned by Kerry Stokes' Seven West Media.
After paying $40 million for Pacific Magazines, the Germany media company expanded its portfolio to include New Idea, That's Life!, Better Homes & Gardens, Who and Marie Claire, among other magazines.
That was on top of the magazines it already owned — Australian Women's Weekly, Take 5, OK! and many more.
Over the years, several of Bauer's household names have become extinct due to falling sales, including Cleo, Dolly, Cosmopolitan, The Picture and People, and Top Gear.
In May, ABC's Media Watch reported that the coronavirus economic downturn led to extensive job cuts at Bauer, with more than 120 workers losing their jobs, and 100 being stood down.
Plummeting advertising dollars have also forced Bauer to "hibernate" some of its titles including Men's Health, Women's Health, Harper's Bazaar, Elle and NW.
The company said it planned to reinstate those titles when the market improved.
'Significant growth' despite coronavirus
"Despite the challenges presented by COVID-19, we have seen significant growth in subscriptions and digital audiences across our food, home, youth and fashion brands, demonstrating that Australians still love and read our brands," said Brendon Hill, the chief executive of Bauer Media in Australia and New Zealand.
Mr Hill said Bauer's 43 publications reach "six in 10 Australian women each month", and boasted of having "a print readership of 6.8 million per year and social connections of more than 30.5 million".
He also said the various brands reach over 6.5 million women across several formats including "magazines, websites, video, social, customer review sites, podcasts and experiences".
The deal is expected to be finalised in mid-July, subject to approval by the regulators.
For years, Bauer Media was embroiled in a defamation lawsuit against actress Rebel Wilson.
Back in 2017, Ms Wilson sued Bauer Media for defamation, alleging that it ruined her reputation in a series of magazine articles depicting her as a serial liar.
In September that year, the Victorian Supreme Court awarded her more than $4.7 million in damages, which was the largest-ever defamation payout at the time.
But Bauer was able to appeal successfully, with the Victorian Court of Appeal slashing that payout to just $600,000 in mid-2018.
That led to Ms Wilson launching a final appeal in the High Court, which ultimately dismissed her case.
