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SYDNEY - Irish media group Independent News & Media is poised to make a fresh bid for APN News & Media with the help of a private equity firm, the Australian newspaper reported yesterday.
A month after talks between the two firms on a A$3.8 billion buyout in conjunction with Providence Equity Partners ended, Independent has begun negotiations with another, unnamed private equity group, the paper said. Independent already owns 40 per cent of APN - which publishes the Herald and has other publishing, outdoor advertising and radio operations.
Previous talks between APN and Independent ended last month when the Irish group failed to make a formal offer within its own timetable after examining APN's books. APN left the door open for further talks.
Private equity firms are scouring Australia for media assets ahead of a new law set to take effect next year easing foreign ownership caps and allowing owners of one platform - TV, radio or newspapers - to own another platform in the same market.
CVC Asia Pacific has formed a joint venture with Publishing & Broadcasting Ltd to hold PBL's TV, magazine and internet businesses, and Kohlberg Kravis Roberts has done a similar deal with Seven Network.
* APN owns nzherald.co.nz, the New Zealand Herald, Herald on Sunday, Aucklander and other papers throughout the country. It is also joint owner of The Radio Network.
- REUTERS
