We believe news media company APN News & Media Limited (ASX: APN) represents compelling value post demerger of its NZ assets. APN recently moved to spin off New Zealand Media and Entertainment (NZME) and raise $180 million through an entitlement offer to shareholders. Following the demerger of NZME, APN also plans to sell its regional newspapers, leaving the company to focus on the growth of its two best-performing assets: radio and outdoor advertising. APN post demerger is left with two growth businesses that constituted 84% of pro forma financial year 2015 earnings before interest, tax, depreciation and amortisation (EBITDA). Over the last five years, APN subsidiary Australian Radio Network (ARN) has consistently outperformed its competition and grew revenue 9% in the first quarter of calendar year 2016 and 5% in 2015. The outdoor advertising subsidiary Adshel delivered 17% overall revenue growth in 2015.