INM lessens its influence on APN board of directors

IRISH media giant, Independent News & Media (INM) has de-consolidated its shareholding in Australian media group, APN, by lessening its influence on the company’s board of directors.

INM will keep its 31.6% stake in the Sydney-headquartered group, but the latter will no longer be consolidated in INM’s group financial statements — meaning there will be an effect on the Irish group’s net profit and earnings per share figures.

Earlier this year Australian investment bank and corporate advisory firm, BKK Partners lobbied APN’s largest institutional investors to push for a more independent board and a reduction of INM figures.