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

Miranda Ward

September 16, 2016 11:12

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”.

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Miranda Ward

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

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