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Seven Network partners with magazine group

Australia's Seven Network has announced it is to spend $33m (A$65m) to take a 50% interest in PMP Limited's many magazine businesses, which include the titles New Idea, TV Week, That's Life and Home Beautiful. The deal also includes the magazine distribution company Gordon and Gotch and an option for PMP to sell its interest in the joint venture to Seven for $38m (A$75m) within 12 months.

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