APN buys 96FM from Fairfax

Fairfax has sold Perth radio station 96FM to APN for $78 million and will merge the rest of its network with Macquarie

Fairfax Media has sold Perth radio station 96FM to APN News and Media for $78 million. (AAP)

APN News and Media have acquired Perth radio station 96FM from Fairfax Media for $78 million.

The purchase completes APN's Australian Radio Network presence in the five capital cities on the Australian continent.

96FM will be part of the group's KIIS network, which broadcasts the Kyle and Jackie O breakfast show in Sydney.

The acquisition will be funded by cash and existing debt facilities and is due to complete in February 2015.

"The acquisition of 96FM continues APN's emphasis on investing in growth assets and demonstrates our belief in radio as a growth medium," APN chief executive officer Michael Miller said.

Fairfax announced on Monday that it would merge the rest of its radio network, including Melbourne's 3AW and Sydney's 2UE, with Macquarie Radio Network.

It would receive $18 million of cash and a 54.5 per cent shareholding in a larger Macquarie, meaning it receives $96 million from the two transactions.