APN News & Media's involvement in Australia's newspaper industry is all but over after shareholders overwhelmingly backed the sale of its regional publishing business to Rupert Murdoch's News Corp.
Chairman of APN Peter Cosgrove said $36.6 million deal was a "big step forward" for the company, which is looking to expand its radio and outdoor advertising businesses.
APN will initially use the sale proceeds to pay down its $200 million debt pile but Mr Cosgrove said the company would look for new opportunities in Australia and overseas.
"Initially, it goes to paying down debt until you get another opportunity," Mr Cosgrove told AAP after the shareholder vote in Sydney on Friday.
Mr Cosgrove said the group's opportunities would be in radio, outdoor and digital in Australia, and he flagged expansion across South East Asia.
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"Personally, I like South East Asia but there's still quite a bit of opportunity in Australia, particularly on the whole digital side," he said.
APN said 99.94 per cent of shareholders who voted - which excluded News Corp's 15 per cent stake - backed the sale of its Australian Regional Media (ARM) division.
Mr Cosgrove said the results show there is clearly "huge support" for the sale of ARM, which comprises 12 daily newspapers, 60 community newspapers and non-daily publications, plus more than 30 regional news websites and mobile sites.
One retail shareholder questioned the sale price at Friday's general meeting, objecting from the floor of the meeting to ARM being "sold cheaply."
Mr Cosgrove said based on ARM's falling free cash flow, which stood at $2.5 million for 2015, the company was "getting a good price for shareholders" for the division.
ARM's free cash flow after tax in 2014 was $4.1 million and in 2013 it was $24.7 million.
The sale still needs approval from the competition regulator and the Foreign Investment Review Board, which is expected in the next few weeks.
APN will then comprise the Australian Radio Network, home to the KIIS and Pure Gold networks; and Hong Kong-based outdoor billboard advertising firm Cody. It also holds a 50 per cent stake in outdoor ad business Adshel.
APN shares were up 10 cents to $3.48 at 1400 AEST.
