Fonterra has finally found a buyer for Dairy Exporter - the 80-year-old magazine often called the dairy farmers' bible.
Auckland-based magazine publisher, Profile Publishing, is the new owner.
The price has not been disclosed but the deal does include an unusual provision to ensure that the magazine's "industry good"component is maintained.
The Dairy Exporter masthead will be transferred to the Dairy Companies Association of New Zealand.
It will license the masthead to Profile and liaise regularly to ensure the long-term benefit to the dairy industry remains.
In April, Fonterra decided that publishing the magazine - which it had inherited from the Dairy Board - was not part of its core business. The decision to sell initially upset Fonterra's shareholder council, concerned about a lack of consultation and the possibility of the magazine closing down.
The council has since been involved in the process, discussing the terms of the sale with Fonterra.
Dairy Exporter, established in 1925, has a loyal following among dairy farmers and carries in-depth research that can be difficult to fit into more commercial formats.
Profile, which specialises in publishing and rebuilding long-established industry magazines such as Management, NZ Forest Industries, Onfilm, AdMedia and Marketing, takes over Dairy Exporter on November 30.
