News Corp Australia has taken a 14.99% stake in APN News and Media Limited, subject to regulatory approval.
In a statement News Corp has said: "News Corp announced today that News Corp Australia will build its investment in APN News and Media Limited to a 14.99% stake subject to regulatory approval".
"APN has a high quality portfolio of Australian and New Zealand radio and outdoor media assets and small regional print interests. It is led by a quality management team that has successfully driven improvements in the performance of the business."
The news follows reports by Fairfax Media that APN News & Media that APN's two largest shareholders have sold out of the company for about $300 million. Fairfax is reporting that Independent News & Media has sold 191 million shares in the company while investment vehicle Baycliffe has sold a further 125 million shares, in a block trade handled by Credit Suisse.
APN has be placed in a trading halt "pending a potential share sell down by two major shareholders".
APN assets includes its Australian Radio Network (ARN), Australian Regional Media (ARM) and outdoor business Adshel.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.