The future of New Zealand’s national news agency was thrown into doubt today when major subscriber and shareholder Fairfax Media announced it was pulling out of the cooperative.

Independent News and Media (INM) has confirmed that it has approached the board of Australian firm APN News and Media regarding a possible buy-out of its entire share capital.

The ISEQ gained 40.17 points to 8579.86 this morning.

APN News and Media, the Australia/New Zealand media company in which ISEQ-listed Independent News and Media has a 39.76% shareholding, reported its 2004 interim results yesterday.

Independent News and Media has announced after-tax profits of €68.1m, up 42.8% on the same period last year (to June 30).