APN tipped to swap outdoor interests for full ownership of ARN
APN News & Media is looking to offload its two outdoor companies Adshel and APN Outdoor in return for gaining full control of its radio division, reports The Australian Financial Review.
APN owns half of APN Outdoor, with Quadrant Private Equity holding the other half. And it owns half of Adshel along with US media group Clear Channel Communications.
Clear Channel is also co-owner of Australian Radio Network.
According to the report, the two outdoor businesses of Adshel and APN Outdoor would be merged into a single operation owned by Clear Channel and Quadrant. Adshel in particular has delivered strong growth in the market under the leadership of CEO Rob Atkinson who was previously chief operating officer of Clear Channel in the UK.
If approved, the merger would be the second major consolidation in the outdoor sector in recent months following oOh!’s acquisition of Ten’s outdoor unit Eye.
The Australian Radio Network includes the Mix and Classic Hits networks across Sydney, Melbourne, Adelaide and Brisbane, while in New Zealand, it owns the The Radio Network which runs stations such as Newstalk ZB.
The AFR cites sources close to the company confirming the asset swap is one option being considered by the APN board and new chief executive Michael Miller, who joined the business from News Limited in early May.
