Tuesday, 21 June 2016
The Sydney Morning Herald, 21 June 2016:
APN News & Media has sold its regional newspaper business to its own shareholder, News Corp, for $36.6 million.
APN's shares reached $4.90 on the news after opening at $4.61, after jumping 11 per cent on Monday following media speculation about the sale.
The regional assets include 12 daily newspaper, 60 community newspapers and dozens of news websites.
News Corp already owns a 14.9 per cent stake in APN, which is currently shedding its traditional media assets but keeping its radio and AdShel divisions.
The deal still requires shareholder and regulatory approval. Regional mastheads include the Daily Mercury in Mackay, Bundaberg's NewsMail, The Gympie Times and the Sunshine Coast Daily.
The Australian Regional Media division would be handed over in August provided all the hurdles were cleared.…..
Echo Net Daily, 21 June 2016:
Rupert Murdoch’s News Corp has signed a $36.6 million deal to buy APN News & Media’s Australian regional newspaper business, which includes The Northern Star and Tweed Daily News.
The deal – which is subject to approval from the Australian Competition and Consumer Commission, also covers the weekly publications, Byron Shire News, Ballina Advocate, the Lismore Echo and the Richmond River Examiner.
News Corp, already holds a stake of almost 15 per cent in APN, which means shareholder approval would also be required for what would be deemed a related-party transaction.
APN Australian Regional Media has a portfolio of 12 daily and more than 60 non-daily Australian regional newspapers.
Staff at the Northern Star and the other publications received an email just before 11am today confirming that the deal had been struck…..
The Australian, 20 June 2016:
News Corp, publisher of The Australian, has long been seen as the natural owner of ARM due to potential synergies with its regional business and the fact that few people know the assets better than News Corp executive chairman, and APN’s former boss, Michael Miller.
The Queensland focused portfolio includes 12 daily newspapers such as The Sunshine Coast Daily and The Gympie Times, and includes more than 60 non-daily and community publications.
The sale was outlined by APN in February as part of efforts to make a more aggressive move into the radio and outdoor advertising sectors. The price of the portfolio is understood to have fallen short of the $50m APN had been chasing.
News Corp, advised by Aquasia, already holds a stake of almost 15 per cent in APN which means shareholder approval would also be required for what would be deemed a related-party transaction…..
VALE MEDIA DIVERSITY