APN Buys Clear Channel Stake In Hong Kong Outdoor

APN News & Media has taken full ownership of Hong Kong’s Buspak, after buying the remaining 50 per cent stake from its long-time joint venture partner Clear Channel Hong Kong for $14 millionm according to the Business Specator.

Buspak provides advertising for over 1,700 buses in Hong Kong, including on-board multimedia services. It’s Cody Outdoor unit also provides over 160 billboards in locations across the Asian city.

APN raised about $132m earlier this year to boost funds as it bought Clear Channel's stake in Australian Radio Network and The Radio Network in New Zealand for $246.5m. The media group has been restructuring its business, quitting assets such as its unprofitable brandsExclusive online shopping site, a separate outdoor advertising business and a suite of New Zealand magazines