Multilayer magnetic structures comprising composite layers and spacer layers are disclosed. The composite layers include a discontinuous magnetic phase such as Co, Ni or Fe platelets, and a continuous nonmagnetic phase such as C, AlO.sub.x, SiO.sub.x, ZrO.sub.x, Cu, Ag and Au. The spacer layers may comprise Pt, Pd, Au or the like. The composite layers and spacer layers may be made by sputtering. The multilayer structures are useful as magnetic recording layers of magnetic recording media. In one embodiment, the recording media comprises a perpendicular magnetic recording medium including a substrate, a soft magnetic underlayer, a seed layer and the multilayer structure.