APN buys out Hong Kong firm

TOM PULLAR-STRECKER
Last updated 16:09 18/07/2014

Relevant offers

World

Apple still trying to break into TV but faces plenty of roadblocks Harry Triguboff replaces Gina Rinehart as Australia's richest person Bland budget a stable platform for Wellington business growth Man finds $131m in his account, 'it happens sometimes' says bank Wall Street may have finally decided that a US rate rise is good news Temptation grows to use drugs to stay awake in the workplace The bizarre downfall of New York's vegan poster girl Tori Johnson's final texts released in Lindt cafe siege inquest Weta Workshop adds new smaller models to profitable collectibles business What you need to know about the next recession (starring Donald Trump)

Media company APN has paid A$14 million ($15.1 million) to buy out its joint-venture partner in an outdoor advertising company in Hong Kong.

The company has acquired full ownership of Buspak Advertising, which sells electronic and display advertising space on the inside and outside of 1700 Hong Kong buses and also owns 160 billboards in the city.

APN, which publishes the New Zealand Herald, bought the half-share in Buspak previously owned by partner Clear Channel Hong Kong.

Chief executive Michael Miller said the acquisition was in line with APN's strategy of wholly owning more of its growth assets.

APN shares were trading unchanged at 80 cents in late afternoon trading on the NZX.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content