German media conglomerate Bauer Media has announced the closure of eight of its Australian titles as the coronavirus crisis continues to weigh down the national media industry.
Harper’s BAZAAR Australia, ELLE Australia, InStyle, Men’s Health Australia, Women’s Health Australia, Good Health, NW and OK! Australia will cease to be published.
The titles have been suspended since May, after they were hampered by the travel restrictions. Major hits in advertising revenue also took a toll.
Yahoo Finance understands staff were informed they would be stood down in a company-wide meeting by Bauer Media ANZ chief Brendon Hill this morning.
“Whilst we were very optimistic with an ambition to bring back all staff currently on stand down and return all titles in a few months, the lack of long term advertising market confidence and the escalating situation in Victoria and NSW is an unfortunate sign that the impact of Covid is ongoing and unrelenting,” said Hill.
“Whilst we were beginning to see promising signs short term, the market remains too volatile to confidently forecast the next 6-12 months.
“Consequently, and most significantly, as part of these closures we will lose a number of our exceptionally talented, hardworking and loyal colleagues who are currently on stand down.”
Editorial, sales and production staff will all be affected by the closure of the titles.
The company will aim to find alternate positions for employees elsewhere in the company.
Several Bauer staff have been on the JobKeeper scheme since being suspended in May.
Bauer Media had been purchased a few weeks ago by Mercury Capital. In May, Bauer acquired Pacific Magazines.
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