APN News & Media is considering selling a 60 per cent share of its New Zealand business, documents lodged with the stock exchange today show.
Sydney-based APN's New Zealand holdings consist of 32 newspapers, including The New Zealand Herald, seven radio stations in The Radio Network and the GrabOne daily deals website.
The New Zealand selldown proposal is outlined in an offer document for the sale of US$250 million ($300 million) of senior unsecured notes, but it will depend on the outcome of a proposed listing on the NZX.
"The potential New Zealand transaction is one of several opportunities that we are considering and is dependent on market conditions and a satisfactory valuation of APN NZ, amongst other factors," APN chairman Peter Cosgrove said.
More to come