APN review NZ media assets

APN News and Media CEO Brett Chenoweth has said that the changes at Fairfax Media and News Limited to their cost structures have implications for his company.

APN, who own half of the ARN Network in Australia and the TRN Network in New Zealand, have commissioned Deutsche Bank to conduct a strategic review of their New Zealand media assets.

The review includes the newspaper assets, magazine assets and the company's share of TRN which operates many of New Zealand's biggest radio brands, including the leading station in the country: News Talk ZB.

Chenoweth said this week that given the changes occurring in other media companies, the APN review had to be done correctly. He said that whilst they have received offers to sell their New Zealand assets, the review would allow this to be explored in more detail, and enable them to consider whether a partial float of the business may be appropriate.

He said the success of the float by Fairfax of 1/3 of the Trade Me business indicated support for New Zealand media assets by the market. Fairfax made $363m on the float.

The Australian media assets, including the 50% share in the ARN Network is not under review.