Irish tycoon Tony O'Reilly has decided to take his 39.
APN News & 1%
Shares of newspapers, radio and outdoor advertising groups in the region soared 24 percentage points yesterday. APN scrip -
It was $5. 85 in January -
57 C soared to $2.
Yesterday, the stock was valued at $0. 571 billion in a strong market.
Sir Tony's Independent News and Media revealed over the weekend that the company was conducting a strategic assessment of its APN shares after the "several parties" took the initiative to approach. The cash-
The tied INM is 28.
Owned by Sir Anthony, he said he would use the proceeds from the sale to help reduce debt by about £ 1. 4 billion euros ($A2. 67 billion).
Analysts said yesterday that many local media may be interested in APN's assets, especially its outdoor advertising business and 125 radio licenses.
However, they said market conditions would
As a buyer, you can wait and hope to buy cheap transactions.
"These assets have accumulated over time and it is difficult to do this in the modern market, so it is attractive, and media buyer Harold Mitchell told the Daily Economic News.
"You have to see who has the ability to get the money.
"The seven networks of Kerry Stoke are a cashing-
Up media player is looking at APN's radio assets and outdoor business, analysts believe.
Seven spokesman Simon Francis declined to comment on the television station's interest in Sir Tony's APN stake, but he did not explicitly rule out seven people.
"Seven nets have no debt, $1.
"There is £ 2 billion in the bank and patience is secondary in any media in Australia," he said . ". Fairfax Media -
According to an analyst, this may find a place for APN's outdoor business in New Zealand --
Declined to comment.
A spokeswoman for Lachlan Murdoch also declined to comment. Lachlan Murdoch is believed to be in charge of APN.
Sir Tony has 28 cents in cash.
Strapped INM, a publishing company for the British Independent and its Sunday sisters.
INM alone denied reports that it was in negotiations with the Daily Mail and The Daily Mail owner general trust for the sale of its losses
British champion.
APN shareholders rejected INM last year-
The lead private equity consortium valued APN shares at $6. 20 each.
APN publishes 24 daily newspapers and more than 100 other newspapers in Australia and New Zealand, including the New Zealand Herald in Auckland.
It also has half of the Australian Broadcasting Network and the New Zealand Broadcasting Network.