KEY POINTS:
Media group APN has sold its stable of online business directories: FindA.co.nz, Wises maps, menus.co.nz, UBD and APNData businesses.
The operations have been sold to New Zealand Yellow Pages business Yellow, said APN News & Media, the owner of a number of Australasian radio stations and newspapers, including The New Zealand Herald.
It is also the owner of nzherald.co.nz.
APN also published 10 regional daily newspapers, the Listener and Women's Weekly, as well as controlling The Radio Network, which operates more than 120 NZ radio stations.
Moves to sell off elements of the Australasian business have been circulating since Irish media tycoon Tony O'Reilly gave up on selling the 39 per cent stake held in APN News & Media by his Independent News and Media (INM).
He was reported to be desperate to reduce debt after deteriorating credit markets had made it impossible for INM to find a buyer able to pay an "acceptable" price for the stake.
O'Reilly had initially envisaged a price tag of A$4 ($5) a share, compared with APN's recent share prices closer to A$2, driven down by speculation about INM's ability to manage its 1.4 billion pounds ($3.8 billion) in borrowings.
The Australasian company is due to report its results on February 25, after warning its operating earnings for the past year would be down about 12 per cent and would stall this year.
APN acquired 50 per cent of FindA.co.nz in 2006 and the balance in 2008.
- NZPA
