American Media (AMI) has acquired 13 brands from Bauer Media USA to reach out to the millennials and expand its digital network.
The acquired brands include In Touch, Life & Style, and Closer as well as the nine Bauer Teen Group brands like J-14 and Girls World.
AMI has secured committed bridge financing from existing investors to fund the acquisition which is expected to close on or about July 1,2018.
AMI chairman and CEO David J. Pecker said: "Today's announcement underscores AMI investor confidence in our business strategy as we continue to build and grow our Entertainment Group.
"Despite newsstand sales declining 20 percent annually, both Bauer and AMI have continued to invest in the marketplace and we believe there is still a terrific opportunity to grow newsstand revenue. I look forward to welcoming these trusted brands and talented staffs to AMI."