APN News & Media, in which Independent News & Media has a stake, has said its net profit after tax for the year to the end of December rose by 10% to $59.5m. 

The company also said today that it will raise $132m to buy the remaining 50% of its Australian and New Zealand radio assets.

In a statement, Independent News and Media said it would not take part in the proposed equity issue and as a result, its stake in the Australian firm would be reduced from almost 29% to 18.6%.

INM said that its main objective for now is to keep the flexibility needed to reposition its operations for an improvement in  what it called "Ireland's evolving media market".