APN News and Media's biggest shareholder - Ireland's INM - and interests associated with INM's Denis O'Brien, have sold their 30.8 per cent interest in the company, which owns NZME - publisher of the NZ Herald.
It is understood Rupert Murdoch's News Corporation has bought a 14.9 per cent stake.
INM sold 191.5 million APN shares and O'Brien's private investment vehicle, Baycliffe Holdings, sold 125.8 million shares, a source said.
APN shares closed last night at A94c. It is understood that the stake is being marketed to institutions throughout Australia, New Zealand and Asia, through CS First Boston.
Allan Gray this month disclosed it had reduced its holding in APN from 17.7 per cent, which it said just reflected portfolio management after the share gained. APN's ASX-listed shares have climbed 52 per cent in the past 12 months, outpacing an 11 per cent gain in the S&P/ASX 200 Index. The shares last traded at about 94 Australian cents before being halted.
