{"id":158445,"date":"2016-09-19T12:29:36","date_gmt":"2016-09-19T02:29:36","guid":{"rendered":"http:\/\/southburnett.com.au\/news2\/?p=158445"},"modified":"2020-10-05T12:29:31","modified_gmt":"2020-10-05T02:29:31","slug":"shareholders-approve-apn-deal","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2016\/09\/19\/shareholders-approve-apn-deal\/","title":{"rendered":"Shareholders Approve APN Deal"},"content":{"rendered":"
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APN News & Media chairman Peter Cosgrove (Photo: APN)<\/figcaption><\/figure>\n

September 19, 2016<\/strong><\/p>\n

APN News & Media Limited shareholders have voted overwhelmingly in favour of the $36.6 million sale of its regional publishing arm to News Corp.<\/p>\n

A total of 140,519,110 votes backed the sale of Australian Regional Media, while 89,737 were against and 7073 abstained.<\/p>\n

Australian Regional Media (ARM) includes 12 daily newspapers plus more than 60 community, non-daily and specialist publications \u2013 including the South Burnett Times and Central & North Burnett Times \u2013 in Queensland and northern NSW.<\/p>\n

It also includes ARM\u2019s three printing sites at Warwick, Rockhampton and Yandina.<\/p>\n

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.<\/p>\n

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”.<\/strong><\/p>\n

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.<\/p>\n

“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.<\/p>\n

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.<\/p>\n

However, there were no plans to shut mastheads “provided they remain profitable”.<\/p>\n

News Corp Australasia executive chairman Michael Miller was previously CEO at APN.<\/p>\n

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