The announcement comes as the media company announces its full year results with a statutory net profit after tax of $2.6m compared to the $507.4m loss recorded in 2012.
Michael Miller chief executive of APN, which also has newspaper assets and an interest in outdoor company Adshel, said taking 100% ownership of its Australian and New Zealand radio operations will transform APN.
“We believe that radio will continue to grow as a medium and that ARN will continue to capture a greater share of the market. ARN has one of the best management teams in the business and with no management changes planned there won’t be any disruption to day-to-day operations.”
ARN’s 2013 results were described as “impressive” with revenue growth of 6% compared to the overall radio market’s growth of 2%. ARN’s EBITDA is up 14% to $58m.
The acquisition has seen an exclusive 10-year deal brokered between APN and Clear Channel which will see APN operate and broadcast digital radio platform iHeartRadio in Australia and New Zealand.
ARN’s owns or has investments in 12 radio stations in Sydney, Melbourne, Adelaide, Brisbane, Canberra and Perth. Its brands include the Mix and Classic Hits networks as well as the KIIS 1065 in Sydney.
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