In approving the sale by Seven West Media of its Pacific Magazines business to rival Bauer Media, the ACCC, the competition regulator, has all but written off the magazine business.

Originally the commission had a lot of doubts about the anti-competitive nature of the two biggest magazine groups in the country combing, but in a statement on Thursday morning the commission said that aspect of the deal didn’t really matter.

Investors thought the same way about the impact on Seven West Media -- the shares edged up from 6.9 cents to 8.1 cents on the ASX this morning, a rise of more than 17%.