The AFR speculates that Nine Entertainment (ASX: NEC) might consider a takeover of APN News and Media (ASX: APN)

The AFR speculates that Nine Entertainment (ASX: NEC) might consider a takeover of APN News and Media (ASX: APN). Sources close to both parties see logic in a tie-up. Nine boss David Gyngell has spoken about pursuing bolt-on acquisitions and diversifying into radio and outdoor, while APN executives have also flagged the opportunity. Furthermore ARN's demographics are a good match. Gyngell's interest in radio was underlined by preliminary talks with Southern Cross last year. Since then, Southern Cross has lost its all-important breakfast team Kyle and Jackie-O to ARN (which is controlled by APN) and looks to be in some trouble in Sydney. Nine should rapidly be able to establish whether a deal is achievable. APN's two largest shareholders, Independent News & Media (INM) and Allan Gray, account for more than 50% of the shares. Support from either would be a pretty good case to take to APN's board. (VIEW LINK)


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