The publisher already owns a 40% stake and according to media reports about the proposed deal it would retain this share with a private equity company owning the remainder.
It is understood that INM is working with US private equity firm Providence to secure the deal, which comes amid a relaxation of rules concerning foreign ownership of media assets in Australia. The deal values the business at £1.5bn.
Sir Anthony O'Reilly, INM chief executive, has already worked with Providence concerning the acquisition of Irish telecommunications firms Eircom five years ago.
APN News & Media's business covers outdoor advertising, regional newspapers in Australia and New Zealand, radio as well as The New Zealand Herald.
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