Hearst rumored to be eyeing ACP

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Hearst Corp., New York, is being touted as a possible buyer of Australian Consolidated Press, following top-level management changes at Kerry Packer's publishing business. Rumors have resurfaced that Mr. Packer is considering selling the business. Hearst has extensive magazine interests around the world and has a joint venture in Australia with ACP covering Cosmopolitan, Harper's Bazaar and She. The two groups also have a small publishing joint venture in Taiwan. Sources said the possibility of a sale had been discussed at the ACP management level, but this was denied by ACP parent Publishing & Broadcasting Ltd. Hearst Magazines International President George Green also denied his company was in acquisition talks with ACP. "That is not to say that things won't change in one, two, five or even 10 years from now,'' he said. "We would love to have ACP.''

Copyright April 1999, Crain Communications Inc.

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