APN News and Media Limited
(ASX:APN) is considering a major restructure and may sell its outdoor advertising assets as a trade off for full control over its radio division, according to media reports.
Media reports say the new chief executive Michael Miller is considering the asset swap, along with several other options, with the federal government's potential abolition of reach rules making radio an attractive prospect.
Any move will have to take into account APN's net debt, as well as the opposition between the group's two largest shareholders – Ireland’s Independent News & Media and fund manager Allan Gray – to raising fresh equity.
Earlier this year, former chief executive officer Brett Chenoweth and chairman Peter Hunt left the company after failed attempts to raise additional capital.
APN posted a net loss of $432 million in its 2012 financial year.
