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April 15, 2024

Murdoch buys stake in north coast publisher

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Rupert Murdoch's News Corporation has bought shares in APN, which publishes a number a number of north coast newspapers.
Rupert Murdoch’s News Corporation has bought shares in APN, which publishes a number a number of north coast newspapers.

Chris Dobney

Rupert Murdoch’s News Corp has bought almost 15 per cent of APN News & Media from the group’s major Irish shareholder.

The Brisbane-based media group owns some 14 daily and 28 weekly newspapers in Queensland and northern NSW, including local titles Northern Star, Ballina Advocate and Byron Shire News.

The company also owns a network of radio stations and a profitable outdoor advertising division.

The move comes as the Coalition government is considering ditching the long-standing cross-media ownership laws.

News Corp, which bought 14.99 of the company is currently prevented from buying 15 per cent or more but the holding will give it a right of veto over any other proposed takeover.

APN rose briefly to $1.08 yesterday, returning to $1.00 by close of trade.

The purchase is still subject to ACCC and Foreign Investment Review Board approval.

The Byron Shire Echo and Echonetdaily remain fully locally owned and editorially independent publications.


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5 COMMENTS

  1. Why isn’t it illegal for him to own the majority of media??? Murdoch, Abbott and Rienhart will be the death of the spirit of Australia.

  2. “The purchase is still subject to ACCC and Foreign Investment Review Board approval.”
    Yeah, that’s a good one !
    He can buy both of those with his lunch-money, and still have enough over for a bottle of Grange.
    G”)

  3. Worth noting that APN also owns The New Zealand Herald, The Northern Advocate, The Bay of Plenty Times, Hawkes Bay Today, The Listener and the New Zealand Woman’s Weekly – influential publications throughout the country.

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