Rumour INM to sell off APN

INDEPENDENT News & Media (INM) isrumoured to be strongly considering the sale of its 32.2% stake in Australian media group APN.

A report in the leading Australian business newspaper, the Australian Financial Review, has suggested INM is taking on an adviser to manage the sale of the stake.

Last year, INM targeted the sale of its Australasian interest as a means of reducing debt levels but later admitted a deal could not be reached as a suitable buyer, able to finance a bid, could not be found. Since then, however, INM chief executive Gavin O’Reilly, who also acts as APN’s chairman, has said the Irish group was now viewing the investment in the Sydney-headquartered group as a long-term strategy.