O'Reilly set to buy APN despite failed talks

Irish billionaire Tony O'Reilly's Independent News & Media may announce a deal to buy Australian media group APN News & Media early next year, the London Financial Times has said, citing a report by NCB Stockbrokers, the Irish company's broker.

Talks between INM and APN - which publishes the Herald - collapsed after a disagreement between INM and a group of buyout firms led by Providence Equity Partners about the terms of the proposed offer, the newspaper said.

- BLOOMBERG