APN News and Media Limited (ASX:APN)
has announced it has reached a Heads of Agreement with the New Zealand Inland Revenue Department (IRD).
APN has agreed to settle a number of taxation matters for NZ$36.3 million in relation to the proposed demerger of its NZME business.
APN has cited the uncertainty and costs of protracted litigation as behind the decision to settle the matter.
The cost of the settlement will be shared by both APN and NZME on a near equal basis.
APN News and Media Limited reported a net loss of $4.38 million at 31 December 2015.