Bids in for two Tassie papers

PRIVATE equity firms are among the reported bidders for Nine Entertainment Co’s Australian Community Media arm, which publishes Tasmania’s second and third largest daily newspapers.

The Examiner and The Advocate have been part of the Nine stable since its $4 billion merger with Fairfax Media was finalised in December.

Nine chief executive Hugh Marks made clear last month that the company would look to divest Australian Community Media, Fairfax’s regional and agricultural publishing arm that boasts more than 150 titles nationwide, including the two Tasmanian mastheads.

Anchorage Capital Partners, Allegro Funds and Antony Catalano, the former chief executive of real estate business Domain, are among the parties to have submitted bids for the business, the Australian Financial Review — a Nine publication — has reported.

Nine declined to comment yesterday.

This month, the Media, Entertainment and Arts Alliance said a union delegation from the regional mastheads up for sale would join representatives from the largest ACM titles — the Canberra Times, Illawarra Mercury and Newcastle Herald — amid concerns the sale could lead to more cuts to regional newsrooms.

Australian Community Media revenue declined 9 per cent in the previous financial year. ACM underwent a significant editorial restructure, which included adding the group’s South Australian titles to the responsibilities of Fairfax Tasmania’s managing editor.

BEVERAGE heavyweight Coca-Cola Amatil says it is not planning to bid for the Australian dairy and juice business being hawked by Japanese brewing titan Kirin.

In a statement yesterday, Coca-Cola Amatil said it was “not pursuing a bid” for Lion Drinks and Dairy’s portfolio.

Kirin is selling the business, which owns brands including Pura milk, Big M flavoured milk, Yoplait yoghurt, Berri juice and Farmers Union iced coffee and yoghurt.

Coca-Cola Amatil chief executive Alison Watkins said yesterday it was “comfortable with and remains focused on, its current outstanding portfolio of beverages”.

Shares in the group closed 8c higher yesterday at $8.51 while Freedom Foods shares were unchanged at $4.90.