News Corporation has divested its entire stake in ASX-listed ARN Media in a trade executed after market close on Wednesday. According to Street Talk, Aitken Mount Capital Partners managed the transaction, involving 40.8 million shares, representing 13 per cent of the company. The shares were crossed at 44 cents apiece. ARN Media operates radio networks, including the KIIS network and The Kyle and Jackie O Show.
The sale aligns with News Corp’s strategy to refine its investment portfolio. Aitken Mount Capital Partners also acted as the broker for Samuel Terry Asset Management in September 2024, when it increased its stake in ARN to 16 per cent.
Samuel Terry Asset Management, which now holds over 19 per cent of ARN, reportedly acquired an additional 3 per cent of the offered shares. This acquisition was facilitated under creep provisions, which allow shareholders holding substantial stakes (minimum 19 per cent) to incrementally increase their holdings every six months without initiating a formal takeover bid. The transaction marks a notable shift in ARN Media’s shareholder structure.
