News Corp pulls out of NZME

News Corp has quietly sold its 14.9 per cent stake in NZME less than four months after receiving shares in the newly independent company.

The 64 cents-per-share sale comes as New Zealand regulators evaluate a proposed merged between NZME and Fairfax Media NZ.

APN News & Media spun out NZME as a separate entity earlier this year in preparation of the merger.

News Corp owns a 14.9 per cent stake in APN, which was acquired in early 2015.

News Corp is currently in the process of purchasing APN’s regional newspaper division, Australian Regional Media.

NZME publishes The New Zealand Herald, Bay of Plenty Times and owns a number of radio stations including NewsTalkZB and Radio Sport.

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