APN to sell out of outdoor advertising JV with Quadrant for A$69 mln

Mon, 21 Oct 2013

By Paul McBeth Oct. 22 (BusinessDesk) - APN News & Media, which publishes the New Zealand Herald newspaper, has agreed to sell its stake in an outdoor advertising joint venture with Quadrant Private Equity for some A$69 million. The deal will see APN sell its 48 percent of APN Outdoor at a multiple of 7.5 times earnings, before interest, tax, depreciation and amortisation, the media group said in a statement. The sale price is more than the A$51.6 million carrying value attributed to APN’s stake in the joint venture as at June 30. “APN i...

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