News Corp Buys into Radio in Australia and New Zealand - Radio Intelligence

News Corp Buys into Radio in Australia and New Zealand

News Corp has bought 14.99% of the Australian media group APN, which owns radio stations in Australia and New Zealand through Australian Radio Network (ARN) and NZME.
News Corp describes the holding as an ”investment stake”. News Corp isn’t allowed to have more than 15% APN, because News Corp chairman Lachlan Murdoch owns 100 percent of the competing radio company Nova Entertainment. But with 14.99% of the shares, News Corp will have a veto if another company tries to acquire APN.
Independent News & Media, controlled by Irish billionaire Denis O’Brien, has sold its shares in APN following a 30-year involvement. The largest shareholder, Allan Gray Australia, has reduced its stake to about 15.5 percent. Clear Channel used to be one of the owners of APN, but left the Australian market last year.
ARN owns the KIIS and Pure Gold Networks as well as several local stations across Australia and the internet radio service iHeart Radio. In New Zealand, NZME has the radio brands ZM, Newstalk ZB, The Hits, Radio Sport, Radio Hauraki, Mix 98.2, Coast, Flava and Hokonui.

Posted in Uncategorized