APN News & Media, in which Independent News & Media has a 28.95 per cent stake, has reported net profit after tax of Aus$59.3 million, for the year to the end of December.

This is an increase of 10 per cent on the previous year, when the company posted net profit of $49.6 million, on revenues of $823 million.

APN also said it will raise $132 million to purchase the remaining 50 per cent of its Australian and New Zealand radio assets from US venture partner Clear Channel.

Independent News and Media said it would not be partaking in the proposed equity issue and thus would see its stake in the Australian firm fall from to 18.6 per cent.

INM added that its priority objective at this time was to retain the flexibility necessary to reposition its operations for an improvement in Ireland’s evolving media market.

However, it said it was is fully supportive of APN’s strategy and remains fully committed to retaining its strategic stake in an enlarged APN.

Denis O’Brien is increasing his stake in APN to approximately 12.3 per cent. Mr O’Brien’s increased stakeholding is through his investment vehicle Baycliffe.