News Corp to buy APN News & Media regional arm
APN News & Media has sold its Australian Regional Media division to News Corp for $36.6m, with the sale requiring APN shareholder and ACCC and FIRB approval.
Bids for the regional business, which includes 12 daily newspapers and 60 community newspapers in Queensland and northern New South Wales, closed on Friday.
News Corp currently holds 14.9% in APN. Net proceeds from the sale will be used predominantly to pay down existing APN debt.
Wow, knock down price!
Amazing how fast these businesses have deteriorated. I would imagine that they will combine some papers and close some. Townsville Bulletin combined with Mackay
Rockhampton/Gladstone merge
etc all the way down the coast
Didn’t News just close 7 local Leader newspapers?
Another restructure coming…jobs & growth..
too cheap
Something fishy about the price – only 2 x earnings? I would be asking questions about this if I were a shareholder looking to maximise value
Sold for $36.6m to a related party managed by the previous CEO. Really!? If the board vote this deal through it would have to be one of the biggest disgraces in recent memory of corporate M&As.
This is an important transaction for local communities and jobs. Jobs and local news will greatly suffer if News is allowed to buy these great for cents on the dollar.
Crazy!