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

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news