APN shelves NZME float on weak ad market, puts Australian regional papers on block

Wed, 24 Feb 2016

By Paul McBeth Feb. 25 (BusinessDesk) - APN News & Media has shelved plans for an initial public offering of its NZME division in New Zealand due to a weak advertising market, while at the same time putting its Australian regional newspapers up for sale as it wrestles with the growing importance of digital platforms. The Sydney-based company reported a loss of A$10.2 million in calendar 2015, including a A$48.3 million charge against the Australian regional papers' mastheads, from a profit of A$11.5 million a year earlier. Earnings befor...

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