Companies such as the Seven Network, the Ten Network, West Australian Newspapers, Lachlan Murdoch’s Illyria and Fairfax Media have been amongst those mentioned, with investment banks believed to be approaching several companies about a full takeover of APN.

There is also speculation that the company’s assets will be sold piece-by-piece, with APN publishing 24 daily and over 100 non-daily newspapers across Australia and New Zealand. The company is also the largest operator of outdoor advertising in Australasia.

INM, which is operated by Irish business magnate Tony O’Reilly, said it was selling its stake in APN to help cover its €1.4bn ($A2.6bn) debt.

APN chief executive Brendan Hopkins has subsequently resigned from the INM board.

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