APN News and Media Limited shareholders have voted in favour of the demerger of its New Zealand business NZME.
It was an overwhelming vote with 99.98% of shareholders in favour.
APN and Fairfax confirmed NZ merger plans following the May AGM, with APN extending a halt in trading on the stock exchange.
At the time CEO Ciaran Davis addressed shareholders outlining APN’s focus and priorities should the demerger go ahead.
“My vision for APN is to become a growth‐oriented company with leading assets in radio and outdoor. The opportunities we have identified to position APN for further growth are underpinned by our evolving strategy.”
Following the vote this morning APN News and Media Chairman Peter Cosgrove said it’s a significant day for shareholders of APN, “The demerger creates two independent and focused media companies. We believe it will enhance shareholder value by enabling their own strategic priorities and growth initiatives”.
“For APN we able to really focus and capatilise on our high growth media assets across the Australian radio and outdoor sectors.”
In Australia, APN’s major metro radio networks are KIIS and Pure Gold, as well as Sydney station The Edge 96.1.