APN buys out Hong Kong firm

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.

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