ASX-listed marketing company IVE Group has acquired Australian Community Media’s printing operations in Mandurah and signed a contract to print and distribute the company’s newspapers.
In a statement to the ASX, IVE estimated the printing contract would generate revenue of about $100 million over the five-year term, with revenue transitioning to IVE over the remainder of the financial year.
IVE said the completion of the deal was due to take place on Friday October 30, and staff would officially work for IVE on November 1.
IVE chief executive Matt Aiken said the company was proud to support ACM’s media brands.
The printing press is one of two in Western Australia, and prints Business News and Fairfax newspapers, including the Australian Financial Review.
The other printing press in WA is owned by Seven West Media.
ACM stopped printing some of its WA newspaper titles in April, including the Bunbury Mail, due to the weak advertising market as a result of the pandemic.
In July, ACM announced it would permanently shut its Canberra, Murray Bridge and Ballarat print centres.
Shares in IVE closed at 75 cents each, up 2.7 per cent.