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.
The 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.
Miranda Ward worked for Mumbrella from 2013 to 2017, eventually becoming deputy editor. Miranda joined Mumbrella in September 2013 from Sky News.
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