APN News and Media is selling its remaining stake in its outdoor billboard business.
The newspaper publisher is selling its 50% stake in the business for $A69 million to its joint venture partner, Quadrant Private Equity.
Quadrant bought the first half of APN Outdoor in May 2012 in a transaction which valued the business at $A272 million and which yielded gross cash proceeds of about $A190 million to APN.
APN owns media assets in Australia and New Zealand, including the New Zealand Herald, Newstalk ZB and The Listener magazine.
It says the transaction, which is conditional, will help streamline APN and provide more flexibility for repaying debt and new investments.
It still has a half stakes in the Australian outdoor advertising company, Adshel, and in Hong Kong Outdoor.