INM unlikely to sell stake in APN group

Independent News & Media is unlikely to sell its stake in leading Australian media group APN despite the Dublin-headquartered group’s cost-cutting needs and the Australian business posting a 224% year-on-year increase in first half pre-tax losses.

The Sydney-headquartered media group — in which INM owns a 29.5% stake — yesterday reported pre-tax losses of A$456.2m (€363m) for the first half of 2012. Revenue for the period was down by 7% year-on-year. If publishing revenues continue to be weak,Ebitda for the year is likely to be down.

In response to speculation that INM might push for a break-up of APN, via the forced sale of some of its assets, CEO Brett Chenoweth said there was “no substance” to such rumours. INM made no comment on the matter.