News Corp buys into APN
News Corporation has acquired a 14.99% shareholding in APN News and Media, the parent company of ARN and NZME, it was revealed yesterday afternoon.
The investment takes News Corp's holdings in APN to approximately $150m, and is subject to regulatory approval.
It came as APN's Irish shareholders; Independent News & Media, and Baycliffe exited their long-held shareholding.
News Corp have referred to the shareholding as a 'non-controlling investment', and went on to say:
“APN has a high quality portfolio of Australian and New Zealand radio and outdoor media assets and small regional print interests. It is led by a quality management team that has successfully driven improvements in the performance of the business.”
APN's CEO Michael Miller spent seven years as News Corp Marketing Director, and is believed to be highly regarded by News Corporation, whose co-chairman is Lachlan Murdoch, the owner of Nova Entertainment through his private investment company Illyria.