APN News & Media shareholders approve sale of Australian Regional Media business

APN News & Media’s shareholders have passed a resolution on the sale of its Australian Regional Media business.

australian-regional-media-APN-logoThe company first flagged it was looking to sell ARM in February this year with News Corp successfully submitting a bid of $36.6m in June.

APN News & Media chairman Peter Cosgrove said in a statement submitted to the ASX: “The sale, once finalised, will allow APN to better pursue opportunities and develop strategies and capital structures relevant to a growth media business, allowing APN to continue to drive innovation across its portfolio of assets.”

The sale still required ACCC approval, with a decision expected next week, FIRB approval and “certain other required third party consents”.

It is understood News Corp will axe 300 jobs as a result of the acquisition in an effort to secure “back office synergies”.

Of a total of 140,463,698 votes, 140,519,110 voted for the resolution with 89,737 voting against.


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