News Corp offloads 13% stake in ARN Media
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The news: News Corp has sold its 13% remaining stake in ARN Media, the owner of FW radio channels KIIS and Gold.
The numbers: News Corp confirmed to The Australian that the stake sale was worth around $18 million.
The context: A spokesperson for News Corp told the masthead that the “divestment in ARN continues our focus on our core consumer businesses and our digital client products.”
ARN Media has been struggling in recent months and warned in November that its full-year EBITDA could be 25% to 27% lower than the prior year amid “significant softness” in the advertising market.
The AFR reported that Aitken Mount Capital Partners handled the trade, crossing 40.8 million shares at 44¢ per share.
The sources: The Australian, AFR
