The literary character of "The Bulletin" continued until 1961, when it was brought by Australian Consolidated Press (ACP), merged with the "Observer" (another ACP publication), and shifted to a news magazine format. Donald Horne was appointed as chief editor and quickly removed "Australia for the White Man" from the banner. The magazine was costing ACP more than it made, but they accepted that price "for the prestige of publishing Australia's oldest magazine". Kerry Packer, in particular, had a personal liking for the magazine and was determined to keep it alive.