The giant magnetoresistance (GMR), magnetization reversal, and domain structure of magnetron sputtered spin valve [NiFe/Au/Co/Au]N multilayers consisting of ferromagnetic layers with alternating in-plane (NiFe) and out-of-plane (Co) magnetic anisotropy has been investigated. For 0.4<tCo<1.2 nm GMR dependencies characterized by a linear and almost nonhysteretic dependence of resistance on the magnetic field were found. Within the hysteretic range of the magnetization reversal of the Co layers, for N>3, the neighboring magnetic layers were observed to be coupled. This coupling is of magnetostatic origin. The effective coupling field, estimated from GMR dependencies, is of the order of 100 kA/m. Micromagnetic simulations confirm that the domain structure of Co layers influences the behavior of NiFe layers.