APN announces NZ asset review

APN News & Media chief executive Brett Chenoweth. Photo / Supplied
APN News & Media chief executive Brett Chenoweth. Photo / Supplied

ASX-listed media company APN, owner of the New Zealand Herald, nzherald.co.nz and several provincial newspapers and radio stations, said it was conducting a strategic review of all its New Zealand media assets and had hired investment bank Deutsche Bank to advise the company on its options.

The company said it had already received some approaches from interested parties.

"In recent months, APN has identified a number of opportunities and at the same time received approaches in relation to potential transactions involving some or all of our New Zealand assets," chief executive Brett Chenoweth said in speech notes for delivery to the company's annual meeting in Sydney.

"We have engaged Deutsche Bank to advise APN on various options available to maximize profitability and value for shareholders," he said.

Chenoweth, in his review of 2011, said the year had been one of "extraordinary challenges".

"The natural disasters in our key markets, together with some of the toughest economic conditions Australia and New Zealand have seen in years, set the tone for a difficult 2011," he said.

"These impacts are still being felt across many of our markets and we have not seen the revenue recovery we anticipated," he said.

He said APN's position in New Zealand meant the company's results were strongly affected by the New Zealand economy, which remained subdued.

ASX-listed APN shares last traded at A83.5c, unhanged from Tuesday's closing level.


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