APN News and Media says its New Zealand media properties are under strategic
review and has flagged a fall in first half net profit.
APN chief executive Brett Chenoweth says the media company has engaged
Deutsche Bank to advise it on the various options available to "maximiz
profitability and value for shareholders".
"In recent months, APN has identified a number of opportunities and at the
same time received approaches in relation to potential transactions involving
some or all of our New Zealand assets," Mr Chenoweth told the company's annual
general meeting in Sydney on Wednesday in prepared remarks.
In New Zealand, APN publishes The New Zealand Herald among other newspapers
and owns a stake in The Radio Network.
Mr Chenoweth said it had been a "difficult start" for APN's publishing assets
in New Zealand.
"Despite some improvement in March and a three per cent reduction in
publishing costs for the quarter, the business remains well below the prior
year," Mr Chenoweth said.
Meanwhile, in Australia, Mr Chenoweth said, the market was "very
The company expected net profit before exceptional items for the first half
of calendar 2012 to be about $3 million below the prior year.