NZME Demerger ON

Shareholders of APN News & Media [ASX, NZX: APN] have given the green light and voted in favour of the demerger of its New Zealand business NZME.

Overwhelmingly 99.98% of shareholders voted yes. The demerger of NZME, which operates the New Zealand Herald and a group of radio stations including NewsTalk ZB, ZM, Hauraki and The Hits, will create two completely separate companies.

APN News & Media Chairman Peter Cosgrove said it was a significant day for the shareholders of APN. “The demerger creates two independent and focused media companies. We believe it will enhance shareholder value by enabling them to better pursue their own strategic priorities and growth initiatives,”

“For APN we are able to really focus and capitalise on our high growth media assets across the Australian radio and outdoor sectors.”