APN News and Media is backing its New Zealand newspaper titles, despite cutting their value by a further $54 million.
The company has revealed the drop as its tests the market for floating its re-branded New Zealand arm, NZME, which includes the New Zealand Herald and a network of commercial radio stations.
The woman in charge of the New Zealand newspapers,NZME chief executive Jane Hastings has refused to talk about the write-down.
Instead, APN's Syndey-based head, Michael Miller, fronted to say the company had to reduce the value because its expects future revenue to come from new sectors.
The company last announced a write-down in the value of its newspapers in Australia and New Zealand of $151 million in February last year.