19 Feb 2014

APN to buy rest of radio network

2:01 pm on 19 February 2014

APN News and Media says it is taking full ownership of its Australasian radio stations by buying the other 50 percent from its US joint venture partner.

The company made the announcement as it reported a statutory annual net profit of $A2.6 million compared with a loss of $507 million last year.

Normalised, net profit rose 10 percent to nearly $A60 million for calendar 2013.

APN says it plans to buy the remaining 50 percent of The Radio Network in New Zealand and the Australian Radio Network for $246 million. The deal will be funded by a new share offer.

The owner of The New Zealand Herald recently sold its magazine titles to Bauer Group, and other newspapers earlier in the year, as part of a move to streamline operations.