August 19, 2016
APN shareholders will meet next month to decide whether to accept the $36.6 million offer from News Corp to purchase its chain of regional newspapers.
APN’s Australian Regional Media (ARM) business includes 12 daily newspapers plus more than 60 community, non-daily and specialist publications – including the South Burnett Times and Central & North Burnett Times – in Queensland and northern NSW.
It also includes ARM’s three printing sites: at Warwick, Rockhampton and Yandina.
APN Directors released a unanimous recommendation on Thursday that shareholders approve the deal, noting that there was no certainty that another buyer would be found for the business.
The report to shareholders, released to the ASX, notes that newspaper publishing as a segment of the marketplace has performed poorly in recent years due to an overall decline in advertising and intense pressure from online platforms.
APN shareholders will meet on September 16 in Sydney.
