Fairfax Media Limited
(ASX:FXJ) has announced it is in exclusive discussions with APN News & Media Limited to explore a merger between the two company’s New Zealand businesses.
Fairfax said APN’s New Zealand business and Fairfax are complementary to a large extent.
Fairfax CEO and Managing Director Greg Hywood said the merger is an opportunity for all shareholders to be part of the future of content and journalism in New Zealand.
The parties intent to work towards completion of the merger by the end of this year, subject to all approvals.
Fairfax recorded a net profit of $32.96 million at 27 December 2015.
