APN exits brandsExclusive after writing down goodwill on 1 ½-year investment

Tue, 11 Feb 2014

Feb. 12 (BusinessDesk) - APN News & Media, the Australian publisher of the New Zealand Herald newspaper, agreed to sell its unprofitable brandsExclusive online shopping site, having slashed the value of goodwill on a business acquired in 2012. E-commerce group AussieCommerce, which operates sites including deals.com.au, will pay A$2 million cash and 8 percent of its own stock for brandsExclusive, APN said in a statement. The sale is to be concluded today. The Sydney-based media company acquired 82 percent of the business in 2012 for A$36 mil...

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