Independent Newspapers – an antipodean media group 49%-owned by Rupert Murdoch’s News Limited – is selling its New Zealand publishing operations to Australian firm John Fairfax Holdings.

The deal is worth NZ$1.19 billion ($648 million; €602m; £412m), but is dependent on Fairfax providing its equity funding by April 23.

IN – New Zealand’s largest media group – owns four national papers, thirteen magazines, seven regional and 61 local titles. The acquisition is the biggest for Fairfax since its bankruptcy proceedings a decade ago.

However, the deal does not include IN’s 66.25% stake in pay-TV operator Sky Network Television.

Data sourced from: The Wall Street Journal Online; additional content by WARC staff