Shareholders have overwhelmingly voted in favour of the proposed sale of Australian Regional Media (ARM) to a subsidiary of News Corp.

99.94% of shareholders who voted (which excluded News Limited and its associates) voted in favour of the sale of ARM.

APN News & Media Chairman Peter Cosgrove said, “The sale, once finalised, will allow APN to better pursue opportunities and develop strategies and capital structures relevant to a growth media business, allowing APN to continue to drive innovation across its portfolio of assets.

“APN will be focused on the growth industries of radio and outdoor, particularly through our ARN and Adshel assets, which are leading businesses within their respective categories. With increased capital flexibility and a focus on those growth assets, APN can explore and invest in further growth opportunities, to continue delivering the greatest value for our shareholders.”

The proposed sale of ARM is still subject to certain other conditions, including FIRB approval, ACCC approval and certain other required third party consents.