Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


INL Agrees Sale Of NZ Publishing Business

For release 10.15am Monday 14 April 2003

INL Agrees Sale Of NZ Publishing Business

The Chairman of Independent Newspapers Limited, Mr Ken Cowley, announced today that INL had signed a Heads of Agreement with John Fairfax Holdings Limited under which INL will sell its New Zealand publishing business for $1.188 billion cash.

The sale excludes the Victorian newspaper, the Geelong Advertiser. However, INL is considering offers for the Geelong Advertiser which, if accepted, would value the combined Australasian publishing interests at $1.25 billion.

INL’s publishing business includes The Dominion Post, The Press, The Sunday Star-Times, Sunday News, 7 regional dailies and 61 community publications. It also includes 13 magazine titles and the Gordon & Gotch distribution business as well as the Stuff website business and the commercial printing business.

The INL Board met yesterday and approved the Agreement.

Mr Cowley said INL directors would keep shareholders informed of progress of the transaction in advance of a vote on the sale by shareholders at an extraordinary general meeting possibly in June.

The price paid by Fairfax Holdings would provide shareholders with a premium, the chairman said.

Mr Cowley said the achievement of the sale recognised the considerable effort of INL management and staff, who had built a great New Zealand company.

The sale does not include Sky TV, Mr Cowley said.

The sale is subject to the following conditions:

- Fairfax completing its equity funding for the acquisition by 23 April 2003.

- Fairfax completing its due diligence review of the business and being satisfied that there are no material adverse circumstances by 12 May 2003.

- Fairfax obtaining Overseas Investment Commission consent by 25 June 2003.

- INL shareholder approval by 30 June 2003.

If the conditions are fulfilled closing of the transaction and change of ownership is scheduled for 1 July 2003 with Fairfax assuming ownership on that day.

The parties propose to agree more detailed contractual terms for the sale. If those terms are not agreed by 16 May 2003 then the dates for the fulfilment of the OIC consent condition and the INL shareholder condition and for closing may be deferred for up to two months. However the sale is not conditional on more detailed contractual terms being agreed.

The Chief Executive Officer of INL, Mr Peter Wylie, announced today that he would continue in the position until the sale was completed on July 1. He would then be returning to Australia.

Fairfax announced today that Mr Brian Evans would be responsible for its New Zealand publishing business. At present Mr Evans is Group General Manager of Fairfax Regional and Community Newspapers

As previously foreshadowed to the market the trading halt will be lifted from opening of trading tomorrow.


Independent Newspapers Limited is New Zealand’s largest media company, publishing nine daily newspapers in New Zealand and one in Australia, plus New Zealand’s two Sunday newspapers and the news and information website In addition INL publishes a range of other weeklies and national magazines, including TV Guide and NZ House & Garden, operates New Zealand’s largest magazine distribution business and publishes over 60 community newspaper titles in New Zealand and Australia. INL also holds a 66% interest in Sky Network Television Limited, New Zealand’s pre-eminent pay television service. INL had total assets as of 31December 2002 of approximately $NZ2.1B and total annual revenues of approximately $NZ454M for the six months ended 31 December 2002.

Level 8, Majestic Centre, 100 Willis Street, PO Box 2595 Wellington, New Zealand. Telephone (04) 496-9800 Facsimile (04) 496-9841
Corporate website: News and information website:

Page 2 of 2

© Scoop Media

Business Headlines | Sci-Tech Headlines


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news