The Board of Independent News & Media PLC ("Independent" or the "Company") announces a significant restructuring of its Australasian interests under which it has entered into a conditional agreement to sell Wilson & Horton Limited, its subsidiaries and Wilson & Horton Finance Pty Limited, to APN News & Media Limited ("APN"), a company in which Independent currently has a 40% interest. The aggregate consideration for the Transaction is NZ$1,500 million (approximately EUR690 million or A$1,232 million) which includes cash and the assumption of debt by APN.