News Corp Australia has taken a 14.99% stake in APN News and Media Limited, subject to regulatory approval.
In a statement News Corp has said: "News Corp announced today that News Corp Australia will build its investment in APN News and Media Limited to a 14.99% stake subject to regulatory approval".
"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."
The news follows reports by Fairfax Media that APN News & Media that APN's two largest shareholders have sold out of the company for about $300 million. Fairfax is reporting that Independent News & Media has sold 191 million shares in the company while investment vehicle Baycliffe has sold a further 125 million shares, in a block trade handled by Credit Suisse.
APN has be placed in a trading halt "pending a potential share sell down by two major shareholders".
APN assets includes its Australian Radio Network (ARN), Australian Regional Media (ARM) and outdoor business Adshel.
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