Rupert Murdoch`s News Corp. said it has bought a 14.99 percent stake in Australian and New Zealand media firm APN, adding to its vast empire.
The deal came as Baycliffe Ltd, an investment vehicle of Irish billionaire Denis O`Brien, and Independent News &Media, decided to offload a 31 percent stake of APN in a block trade, the Australian Financial Review reported.
It also sees the return of Murdoch to New Zealand`s newspaper industry after a 12-year absence since Independent Newspapers, in which News Corp. had a 45 percent stake, sold its publishing arm there for NZ$1.19 billion ($888 million).
"APN has a high-quality portfolio of Australian and New Zealand radio and outdoor media assets and small regional print interests," News Corp. said in a statement, without revealing how much it paid for the stake.
It added that the purchase was subject to regulatory approval.
"It is led by a quality management team that has successfully driven improvements in the performance of the business."
The investment in Sydney-based APN will also provide News Corp., with access to advertising space on Hong Kong trains and billboards.
News Corp`s stable also includes The Wall Street Journal and New York Post newspapers in the United States; The Times, Sunday Times and The Sun in Britain and The Australian in the country of the tycoon`s birth.
It also houses Fox Sports Australia and the HarperCollins publishing house.
-- Bloomberg News Contributed to this story --
