All Black Dan Carter features on one of APN's billboards in central Auckland. Photo / Neville Marriner
All Black Dan Carter features on one of APN's billboards in central Auckland. Photo / Neville Marriner
APN News & Media, which owns the New Zealand Herald newspaper and nzherald.co.nz and a stake in The Radio Network, said it has entered "a period of exclusivity with Quadrant Private Equity in relation to a partnership opportunity across its wholly-owned outdoor businesses."
The media company said it and Quadranthaven't yet reached final agreement and it will provide an update when it reports its full-year results on February 23. The talks are the outcome of a strategic review APN announced on November 21 when the company said it wouldn't be selling out of its outdoor advertising businesses.
Today's announcement was prompted by media speculation, APN said.
The Australian Financial Review reported APN and Quadrant are negotiating a A$200 million deal, code-named Project Byron, related to outdoor advertising which could pave the way for wider consolidation in Australia's A$494 million outdoor advertising sector.
"Outdoor advertising is one of the strongest performing media sectors and APN expects that this will continue," the publisher said. "The future of the outdoor sector is strong with opportunities for product innovation around mobility and digital."
APN shares, which are listed on both the NZX and ASX exchanges but which are mostly traded on the ASX, closed down 0.5 cents at 76 Australian cents yesterday. The shares are off their recent low at 69.5 Australian cents but have been trending lower from A$2.50 in May 2010.
