APN make new acquisition

The parent company of ARN and TRN, APN, have announced their second acquisition in the group-buying space within the space of a week.

Last week, APN Media purchased 82% of BrandsExclusive for $36m, with a further $30m to be paid upon earnings targets being reached. Today, they have announced that thet have acquired 50% of group buying site 'MyTeamDeals', which is a brand targeting sportsfans. 

The site has a significant NRL footprint, holding exclusive deals with Manly, Cronulla and the Wests Tigers.

APN Media also own New Zealand group buying site GrabOne with which they will now look to identify synergies with the new acquisition.

APN's Development officer Matt Crockett commented:

“This deal is a good example of our strategy to secure and build leading transactional platform businesses like GrabOne, CC Media and brandsExclusive, and then to partner with emerging niche businesses, such as MyTeamDeals, that get value from and add value to those platforms.”