INM, Providence and Carlyle Consortium Agrees to Transaction With APN At $6.10 Per Share or US$2.9 Billion For the Company

Sydney, Australia - An investment consortium ("the Consortium") comprising Independent News & Media PLC ("INM"), Providence Equity Partners ("Providence") and The Carlyle Group ("Carlyle") notes the announcement issued today by APN News & Media Ltd ("APN") confirms that it has reached agreement with APN on a proposal to acquire all of the issued share capital of APN by way of a Scheme of Arrangement.

In a joint statement, INM, Providence and Carlyle said, "We are pleased that after extensive negotiations we have reached an agreement with APN that delivers immediate and significant value to all stakeholders.

"We recognize APN’s strong track record of growth and admire its range of leading media brands. The Consortium looks forward to working closely with APN management to add further value to this key player in the Australia and New Zealand media sector over the long-term."

The offer of $6.10 per share values APN at A$3.8 billion (or approximately US$2.9 billion) and has been unanimously recommended by the independent subcommittee of the APN Board that assessed the transaction.

"We recommend all shareholders vote in favor of the proposal," said Ted Harris, Chairman of APN’s Independent Committee of the Board, in a separate announcement by APN today. "The consortium has indicated that it has no plans to change existing management."

The Consortium members have entered into a Scheme Implementation Agreement with APN for the proposed acquisition. A full copy of the APN announcement is obtainable from the Australian Stock Exchange. (www.asx.com.au).

APN shareholders (other than INM, Providence, The Carlyle Group and their associates) will be asked to approve the Scheme at a shareholders’ meeting expected to be held in late April 2007.

About the Consortium

INM
Independent News & Media PLC (ticker: INWS.L; INWS.I) [‘INM’] is a leading international media and communications group, with its main interests in Australia, India, Ireland, New Zealand, South Africa and the United Kingdom. Spanning four continents and 21 individual countries, INM is the market leading newspaper publisher in Ireland, New Zealand and South Africa and is the market-leading regional newspaper publisher in Australia and India. In the United Kingdom, Independent owns the largest newspaper group in Northern Ireland and publishes the quality, award winning, Independent titles from London.

Across these regions, the Group publishes over 175 newspaper and magazine titles with a weekly circulation of over 31 million copies and operates over 70 on-line editorial and classified sites.

The Group is also the largest radio (with 128 stations and on audience exceeding 5 million people (10 + years)) and outdoor advertising operator in Australasia - with leading outdoor advertising operations also in Hong Kong, Malaysia and Indonesia and across Africa, through its joint venture company, Clear Channel Independent.

Providence Equity Partners
Providence Equity Partners Inc. is a global private investment firm specializing in equity investments in media, entertainment, communications and information companies around the world. The principals of Providence Equity manage funds with over US$20 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firm's inception in 1990. Significant investments include Bresnan Broadband Holdings, Casema, Comhem, Digiturk, Education Management Corporation, eircom, Freedom Communications, Idea Cellular, Kabel Deutschland, Metro-Goldwyn-Mayer, Ono, PanAmSat, ProSiebenSat.1, Recoletos, SunGard, TDC, VoiceStream Wireless, Warner Music Group, Western Wireless and Yankees Entertainment Sports Network. Providence Equity is headquartered in Providence, RI and has offices in New York and London. The firm is also opening offices in Hong Kong and New Delhi.