INL buys and sells papers

By NZPA

Friday 13th December 2002

Independent Newspapers Ltd said today it would sell the Te Puke Times newspaper to rival W&H Newspapers, publisher of the New Zealand Herald, for an undisclosed sum.

At the same time, INL, part of Rupert Murdoch's News Ltd empire, has bought from W&H the remaining 32 percent of the Taupo Times Ltd it did not already own, also for an undisclosed sum.

W&H is controlled by APN News & Media Ltd which in turn is controlled by Irish billionaire Tony O'Reilly through his Independent News & Media Plc.

The two New Zealand companies have had ownership of the Taupo Times for more than 20 years. Taupo Times is published three times a week and delivered to all homes in Taupo and the surrounding townships, giving it a circulation per issue of 15,600.

The Te Puke Times is a weekly community newspaper with a circulation of 11,000 in the Te Puke and Papamoa areas.

Both transactions are expected to take effect from the New Year.

Yesterday, INL announced it had bought Cuisine magazine for an undisclosed sum.

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