INM, led by chief executive Sir Tony O'Reilly, said it had had a number of "unsolicited expressions of interest" in its 39.1 percent stake, The Herald reported today.
The announcement sent INM shares soaring over the weekend. The Dublin-based company said the balance sheet impact of the sale could lower its net debt by about 800 million euro ($NZ1.78 billion).
"APN's strategic value has not been fairly reflected in INM's share price, due primarily to the fact that INM doesn't fully control APN's cash flows," INM said.
APN said it would comment on the possible sale today . It publishes the Herald, the Listener, a range of regional newspapers in this country and Australia, as well as being half owner of NewstalkZB stable The Radio Network.
INM's second biggest shareholder, Denis O'Brien -- a recurring critic of INM management -- queried why it would sell "one of the group's best performing assets" in a falling market.
INM owns and publishes more than 200 newspaper and magazine titles and employs about 9700 people in Ireland, Britain, Australia, South Africa, New Zealand and India.
Last year, APN shareholders rejected a $A3b ($NZ3.46b) offer for the entire company led by an INM-headed consortium.
