Rupert Murdoch's News Corp to take 14.99pc slice of APN News and Media

News Corp confirms that it will build its investment in APN News and Media to 14.99 per cent, subject to regulatory approval.

APN owns three of New Zealand's top five radio networks and The New Zealand Herald, as well as several major radio networks in Australia and around 20 daily and 80 non-daily newspapers on both sides of the Tasman.

It is also a major provider of outdoor (billboard) advertising in Australia and New Zealand.

It has been reported in the Fairfax press that APN's two largest shareholders - Independent News & Media and Baycliffe, both controlled by Irish billionaire Denis O'Brien - have sold large stakes in a block trade managed by Credit Suisse.

The report that IPN has sold 191 million shares would indicate that it has offloaded its entire shareholding, while Mr O'Brien's investment vehicle Baycliffe's reported sale of 125 million shares would be more than a third of its current 30 per cent stake in APN.

APN is in a trading halt, requested by the company earlier today "pending a potential share sell down by two major shareholders", and was last trading around 94 cents a share.

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Fairfax reports that News Corp paid 88 cents a share for a 10 per cent stake, to add to a 4.9 per cent shareholding it had quietly accumulated.

Shareholdings below 5 per cent do not need to be advised to the market as they are below the substantial shareholder threshold.

This News is reprinted from site http://www.abc.net.au/news/2015-03-19/news-corp-takes-1499pc-slice-of-apn-news-and-media/6332662?section=business