Quadrant Private Equity plans to take full control of APN Outdoor in a $69 million deal.

APN News & Media and Quadrant have operated APN Outdoor as a joint venture since May 2012.

APN News & Media chief executive Michael Miller said the sell-off would generate funds that could be used to pay off debt or invest in growth. He also said the group was still committed to outdoor media.

"APN is continuing as an active investor in the Australian outdoor advertising market through our 50% interest in Adshel, reflecting our belief that small-format will continue to be a strong segment in the outdoor market," he said.

[Related: APN returns to profit but print lags]

"Quadrant has been a strong and supportive partner of APN Outdoor for the past 18 months and the business is well-placed as the large-format market increasingly adapts to the opportunities of digital media."

Private equity firms have lost hundreds of millions of dollars through bad investments in the print industry, although outdoor media is one of the industry's few growth sectors.

The $69 million sale price is 7.5 times APN Outdoor's 2012-13 earnings before interest, taxes, depreciation and amortisation.

However, the deal has yet to be finalised. The two parties still have to reach agreement on the legal technicalities and the deal will then need regulatory approval.

[LinkedIn: Is private equity good for the industry?]

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