Multilayers of Ba0.5Sr0.5TiO3 (BSTO) and BaFe12O19 (BaM), with tunable permeability and permittivity are attractive systems for radio frequency and microwave applications. We have grown multilayers of BSTO and BaM using magnetron sputtering on Al2O3 substrates. Film growth conditions such as sputtering parameters were optimized to obtain high quality multilayers. X-ray diffraction established that both BSTO and BaM were formed and cross-sectional SEM studies showed sharp interfaces between BSTO and BaM layers. Magnetization showed a large coercivity (similar to 2000 Oe) consistent with the hexaferrite component. The hysteresis loops also revealed the distinct influence of magnetocrystalline and shape anisotropies at different temperatures