APN sells half of outdoor division to private equity

Tim Burrowes

February 23, 2012 10:16

APN has sold 50% of its out of home operation APN Outdoor to Quadrant Private Equity in a deal which sees the unit valued at $292m and APN bank $190m.

The move was announced hours after outdoor veteran Pierce Cody revealed that he had resigned from the APN board over what he described as concerns over corporate governance. The company has not yet accepted Mumbrella’s invitations to comment on this.

The APN deal comes as the company this morning revealed a poor set of numbers to the ASX.

Although revenue for the company increased slightly to $1.072bn, the company’s EBITDA profits were down 14% to $209m. The company declared a net loss of $45m dribven by resctructuring and other costs.

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Tim Burrowes

Tim Burrowes is the publisher of Mumbrella and Unmade. He co-founded Mumbrella in 2008 and sister title Unmade in 2021. He's worked in the UK, Middle East, Asia & Australia and has specialised in writing about the communications world for the last 25 years. He wrote the book Media Unmade, published in 2021, and became the presenter of MediaLand on ABC Radio National in 2025.