Shares in New Zealand Herald publisher APN News & Media surged nearly 25% in Australia on Tuesday, sparking speculation the company may have found a buyer for its New Zealand assets.
The company told shareholders in May that it had received approaches concerning some, or all, of its New Zealand assets.
The Sydney Morning Herald reports that shares in APN have fallen heavily this year along with other traditional media companies, but shot up 25% in turnover twice the daily average on Tuesday, making the stock the biggest mover on the ASX 200 Index.
APN also owns the New Zealand Women's Weekly and The Listener and has a stake in The Radio Network as well as some Australian newspapers.
APN's most recent full-year result was a net loss of $A319 million.
Shares on the New Zealand market for APN News & Media closed 8 cents higher on Wednesday at 53 cents.