September 19, 2016
APN News & Media Limited shareholders have voted overwhelmingly in favour of the $36.6 million sale of its regional publishing arm to News Corp.
A total of 140,519,110 votes backed the sale of Australian Regional Media, while 89,737 were against and 7073 abstained.
Australian Regional Media (ARM) 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.
Last month, APN Directors released a unanimous recommendation that shareholders approve the deal, noting that there was no certainty another buyer would be found for the business.
The sale is still subject to other conditions, including Foreign Investment Review Board approval, Australian Competition and Consumer Commission approval, and “certain other required third party consents”.
ARM is APN’s only remaining publishing asset, and when the sale goes through the group plans to concentrate on its strategic priorities of radio and outdoor advertising.
“Despite the commendable efforts of ARM CEO Neil Monaghan and his management team, the business continues to operate in a challenging environment, with the newspaper industry experiencing declining revenues,” APN News & Media chairman Peter Cosgrove told the General Meeting of shareholders in Sydney on Friday.
A report published in the News Corp-owned The Australian newspaper earlier this month suggested up to 300 jobs would be cut from ARM once the sale goes through.
However, there were no plans to shut mastheads “provided they remain profitable”.
News Corp Australasia executive chairman Michael Miller was previously CEO at APN.
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