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

 


APN buys out Hong Kong outdoor ad partner for A$14 mln

APN buys out Hong Kong outdoor ad partner for A$14 mln

By Paul McBeth

Jul. 18 (BusinessDesk) - APN News & Media, which this year took full ownership of Australian Radio Network and The Radio Network in New Zealand, has bought out its partner in a Hong Kong outdoor advertising joint venture for A$14 million.

The Sydney-based media group, publisher of the New Zealand Herald newspaper, bought the remaining 50 percent stake of Buspak Advertising (Hong Kong) and subsidiary Cody Outdoor International (HK) from Clear Channel Hong Kong, APN said in a statement. The deal gives the Australasian company control of Buspak's bus advertising operation and Cody's billboard portfolio, which has operated as a joint venture between APN and Clear for almost 15 years.

"The acquisition of Buspak and Cody is in line with APN's strategy of wholly owning more of our growth assets," chief executive Michael Miller said. "Together, Buspak and Cody are one of the largest operators of outdoor advertising in the growing Hong Kong market and we know the businesses well."

APN bought out Clear's stake in the Australasian radio businesses earlier this year for A$246.5 million as part of an extended restructure that's seen the media group quit some assets, including its stake in a trans-Tasman outdoor advertising venture, its unprofitable brandsExclusive online shopping site, and a suite of New Zealand magazines.

The dual-listed shares were unchanged at 80 cents on the NZX and 74 Australian cents on the ASX.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news