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News Corp. unit completes Australian Regional Media acquisition

News Corp. unit News Corp. Ltd. completed its purchase of Australian Regional Media, the regional newspaper publishing arm of APN News and Media, APN said in a Dec. 28 filing to the Australian Securities Exchange.

Australian Regional Media, a publisher in regional Queensland and Northern New South Wales, owns 12 daily newspapers, 60 community newspapers and non-daily publications, and more than 30 regional news websites and mobile sites.

APN News will mainly use the proceeds from the sale, worth A$36.6 million, to pay off its existing debt.

As of Dec. 28, US$1 was equivalent to A$1.39.