The Board of Independent News & Media PLC ('INM') (ticker: INWS.I; INWS.L) announces that the board of APN News & Media Limited ('APN') (ticker: ASX, NZX: APN), a company in which INM has a 41.6% shareholding, has recommended an all-cash revised offer of A$6.10 per share for the entire issued share capital of APN (the 'Transaction') recently made by INM, in conjunction with Providence Equity Partners ('Providence') and The Carlyle Group ('Carlyle') (together the 'Consortium').