Irish Media Group Pursues Oz Interests

19 April 2007

SYDNEY: The rough and tumble of media ownership changes Down Under continues as Dublin-headquartered Independent News and Media upped its bid for Australia's fourth-largest group, APN News and Media.

IN&M, whose stable includes The Independent newspaper in the UK and titles in South Africa, currently has a 42% stake in APN. With a pair of private equity firms, it aims to buy the remainder of the shares. The revised bid now values the business at around A$3 billion ($2.5bn; €1.8bn; £1.2bn).

APN's board has recommended the offer to shareholders. Deputy chairman Ted Harris also warned investors the share price would drop if the deal failed to get approval.

Data sourced from Financial Times online; additional content by WARC staff