| 13.2°C Dublin

APN to sell ad unit

AUSTRALIA'S APN News & Media has entered talks to sell its remaining stake in an outdoor advertising unit for A$69m (€49m).

APN, which is 29pc owned by the publisher of this newspaper, is selling the unit to Quadrant Private Equity.

Simon Grotty, an analyst with Davy Stockbrokers, said cash generated by the sale would help both APN and Independent News & Media (INM). INM has said it will go to shareholders by the end of the year, to allow €40m of debt to be repaid, through a rights issue.