Media company Independent Newspapers Ltd (INL) said today it is selling two of its Australian newspapers.
Victoria-based papers, the Bendigo Advertiser and the Wimmera Mail-Times , are to be sold to Rural Press subsidiary Regional Publishers (Western Victoria) Ltd, for an undisclosed sum.
The agreement is conditional upon completion of due diligence
and formal documentation, with a target settlement date of July 1.
INL bought the two papers, as well as the Geelong Advertiser and magazine distribution business Gordon and Gotch, from Rupert Murdoch's News Corp Ltd in 1990.
INL chief executive Tom Mockridge said the Australian papers were not seen as part of its core business.
The company, 44 per cent held by News Corp, owns around half of New Zealand's newspapers including The Dominion, The Evening Post, The Christchurch Press and The Sunday Star Times.
Rural Press publishes a number of titles in Victoria including the Ballarat Courier, the Ararat Advertiser, the Stawell Times-News and Stock & Land.
Shares in INL last traded steady today at $3.95.
- NZPA
