APN reviews NZ assets
APN News and Media says its New Zealand media properties are under strategic review and has flagged a fall in first half net profit.
APN chief executive Brett Chenoweth says the media company has engaged Deutsche Bank to advise it on the various options available to "maximiz profitability and value for shareholders".
"In recent months, APN has identified a number of opportunities and at the same time received approaches in relation to potential transactions involving some or all of our New Zealand assets," Mr Chenoweth told the company's annual general meeting in Sydney on Wednesday in prepared remarks.
In New Zealand, APN publishes The New Zealand Herald among other newspapers and owns a stake in The Radio Network.
Mr Chenoweth said it had been a "difficult start" for APN's publishing assets in New Zealand.
"Despite some improvement in March and a three per cent reduction in publishing costs for the quarter, the business remains well below the prior year," Mr Chenoweth said.
Meanwhile, in Australia, Mr Chenoweth said, the market was "very cautious".
The company expected net profit before exceptional items for the first half of calendar 2012 to be about $3 million below the prior year.
source: newshub archive