Business Description:
APN News and Media Limited (APN) is involved in publishing, radio broadcasting, online, transit & outdoor advertising in Australia and New Zealand.

Strategy Analysis:
APN have diversified media operations spanning publishing, radio, online and outdoor advertising. This provides cross selling opportunities and reduces reliance on any one market. In Australian regional publishing, APN management believes the business is well positioned in high-growth regional centres stretching from northern New South Wales to Mackay. Management aims to capitalise on its strong market position in NZ and Australian regional markets by providing regional news online under various mastheads. Outdoor has benefited from structural changes in its markets, including a growing sophistication in the product forms and in client measurement and expectations. APN News and Media reported a net loss of $98.32m for the half-year ended 30 June 2011. Revenues from ordinary activities were $508.1m, in line with the same period last year. Basic and Diluted EPS was (16.1) cents compared to 6.6 cents last year. Net operating cash flow was $53.77m compared to $85.94m last year. The interim dividend declared was 3.5 cents compared with 5.0 cents last year.