21 Jun 2012

APN buys majority stake in online shopping venture

12:01 pm on 21 June 2012

APN has bought a majority stake in the Australian online shopping club, brandsExclusive.

The company, launched in 2009, sells premium brands to members with heavy discounts.

It is expected to generate revenue of $70 million this year.

APN will pay $36 million upfront for an 82% stake in the firm and another $30 million if the business achieves its 2013 earnings target.

APN chief executive Brett Chenoweth says eCommerce will be a core part of the digital media landscape in the future, and he expects this to be one of the largest digital deals in Australia this year.

APN already owns 75% of the New Zealand-based daily discount website Grabone.

brandsExclusive is gaining more than 70,000 members each month.