Dick Smith buyer looks to APN regional news arm

Private equity firm Anchorage, which bought and floated the now failed Dick Smith, has put the potential purchase of APN’s regional newspaper arm on the table.

ProPrint understands Anchorage has expressed an interest in salvaging the regional newspaper publishing division after it was put up for sale last month following significant losses in 2015.

The sale is thought to also open the possibility of News Corp re-buying the arm and operating mastheads such as The Sunshine Coast Daily and Gympie Times again. News Corp already holds a 14.99 percent stake in APN.

APN’s regional arm, which produces 12 daily papers and 30 community publications, is sitting on the auction block managed by Credit Suisse.

Anchorage is known for its attempts to turn around struggling retailer Dick Smith by floating it on the ASX, and now it has allegedly has shown interest in acquiring the embattled media business.

ProPrint contacted Anchorage for comment on the reports however they were unwilling to speak on the matter. 

Industry analysts say the media company is worth up to $100m, and its latest financial results logged $18.4m in earnings before tax in the half-year leading to December 31.

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