APN News & Media owns a range of digital, radio and display media assets in Australia and New Zealand

APN News & Media owns a range of digital, radio and display media assets in Australia and New Zealand. The Company recently raised $132million allowing it to purchase the outstanding equity (50%) in The Australian Radio Networks and The Radio Networks from Clear Communications. The radio assets include popular stations such as 101.7 FM and are expected to be a significant earnings driver moving forwards. The raising was well supported for both the institutional and retail component and the share price has nearly doubled in ensuing period. A number of fund managers are now expressing caution on the valuation of APN suggesting it could have run a little far. Chris Stott, CIO at Wilson Asset Management, says given how well the stock has performed they would need to see strong evidence of earnings growth before the stock would look attractive.