APN to sell NZ business

APN News and Media (APN) is seeking regulatory approval from New Zealand Commerce Commission to sell its New Zealand Magazines business to Bauer Media Group. 

In a statement to the Australian Securities Exchange, APN said the sale was part of the group's strategy to focus on growth assets, particularly digital.

If successful, all APN wholly owned magazine brands, including the New Zealand Woman’s Weekly, The Listener, Simply You, Simply You Living and Crème will pass to Bauer.

APN will continue to publish New Idea, That’s Life and Girlfriend magazines under licence from the Pacific Magazines Group Australia. 

No financial details of the sale were disclosed.

In a separate release, APN announced it had appointed Peter Cullinane to it board as a non-executive Director, effective immediately.