News Corp to acquire 14.9 per cent of APN News and Media
News Corp is set to take a 14.9 per cent stake in APN News and Media subject to regulatory approval, it has emerged.
Australia’s largest newspaper publisher is understood to be treating the acquisition in APN as an “investment”.
News Corp said in a statement: “News Corp Australia will build its investment in APN News and Media Limited (“APN”) to a 14.99 per cent stake subject to regulatory approval.
“APN has a high quality portfolio of Australian and New Zealand radio and outdoor media assets and small regional print interests. It is led by a quality management team that has successfully driven improvements in the performance of the business.”
APN chief executive Michael Miller is well known to News, and well respected, having been the firm’s marketing director for seven years from 1997 to 2004 and more latterly NSW regional director.
He left News to take up the CEO role at APN in May 2013.
APN owns Australian Radio Network, which includes the Kiis network, Pure Gold and Sydney station The Edge 96.1. It also has 20 dailies and 80 other newspapers across Australia and NZ in its portfolio. Its publications include The New Zealand Herald.
In NZ, APN controls three national radio networks with NewsTalk ZB, The Hits and Coast and four additional major networks.
It also has an outdoor advertising business.
Steve Jones
Will they also swallow their catalogue business, iNC, or is it just the regional media side?
Me thinks News want a NEWS Catalogues sector!!!!
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Well done Funky Miller ..always knew that you’d be back….
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And Turnbull is looking at changing the media ownership laws…now it all makes sense.
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Yep. What Matt said!
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So Rupert wants a totally free shot at TV sport and TEN and he wants all the newspapers in Australia. Hmmmm. I wonder what’s wrong with that picture?
Meanwhile Fairfax is being run by Dr Evil the Grocer and his mini me. No wonder the 800lb gorilla feels comfortable.
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Well at least they finally got rid of those Irish dickheads on the share register.
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I wonder whether Mr Murdoch will end up owning all oz media. Then we will have the banana republic promised by mr Keating.
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