Competition watchdog to launch public review into News Corp’s APN regional buy

The Australian Competition and Consumer Commission (ACCC) will investigate News Corp’s $36.6m proposal to buy APN News & Media’s Australian Regional Media division.australian regional media logoEarly last week APN News & Media announced it had agreed to divest its ARM division, which includes 12 daily newspapers and 60 community newspapers in Queensland and northern New South Wales, to News Corp with the sale requiring APN shareholder and ACCC and FIRB approval.

The ACCC said in a statement: “On 21 June 2016 APN News & Media Limited announced it had entered into an agreement to divest its Australian Regional Media division (ARM) to News Corp Ltd.

“The ACCC will commence a public review once it has received a submission and the transaction details from the parties.”

News Corp currently holds 14.9% in APN. Net proceeds from the sale will be used predominantly to pay down existing APN debt.

APN announced plans to sell off the struggling ARM in February.


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