Outdoor not being sold off says APN

An APN billboard in Penrose, Auckland. Photo / Brett Phibbs

APN News & Media has played down speculation about moves for its APN Outdoor, saying that it is not selling out of the division.

The transtasman media company - whose New Zealand interests include the Herald and the New Zealand Woman's Weekly - acknowledged speculation in an announcement to the market yesterday.

The Australian Financial Review quoted a Macquarie Group estimate this year that a sale of 50 per cent of APN Outdoor could raise as much as $200 million.

Combined with its joint venture with the American company Clear Channel in Adshel, APN Outdoor has about 45 per cent market share of the outdoor advertising market in Australia and 25 per cent in New Zealand.

"From time to time members of the APN board and management have discussions with interested parties regarding possible transactions involving APN's assets," the company said in the statement.

"APN ... is involved in a process of best determining how the company can expand the outdoor operations including potential partnership opportunities," the company said.

"At this stage the process is incomplete. No decision had been made whether to proceed."

APN said the outdoor sector offered above-average growth prospects because of technological innovation and improved audience measurement.