APN sells regional papers to News Corp

Rupert Murdoch's News Corp has bought APN News & Media's Australian regional operations for $36.6 million.

Media company APN News & Media has agreed to sell its Australian regional operations to Rupert Murdoch's News Corp for $36.6 million.

The sale of Australian Regional Media - which consists of 12 daily newspapers, 60 community newspapers and non-daily publications, plus more than 30 regional news websites and mobile sites - will need approval by the ACCC and FIRB.

APN said on Tuesday that the proceeds from the sale will predominantly be used to pay down its existing debt.