History is bunk, and it's close to three decades ago that the then News Limited was told it must sell many of the businesses which originally comprised APN News & Media.

Now it's buying them back.

News Corp Australia has announced that it has bought a further 10.2 per cent in the Australasian publisher, in addition to the 4.7 per cent it already owned (making 14.9 per cent). Any more and it would have to get serious.

The purchase of a block of shares - estimated at almost $300 million - disposed of by Irish parent company Independent News & Media and the Dennis O'Brien investment vehicle Baycliffe - was announced to the Australian Securities Exchange today, and APN shares have been placed in a trading halt.

APN owns Australian regional newspapers which News unloaded following its acquisition of the Herald & Weekly Times in 1987. Its other interests include the former Horton Media newspaper business in New Zealand, radio stations and outdoor advertising businesses.

O'Brien had wrested control of INM from "bean baron" Tony O'Reilly in whose young family the Australian assets were then vested, which his son Cameron was later to lead. The friendly moniker came from his connection with food manufacturer HJ Heinz, of which he was a substantial shareholder and former chairman. Thought to be Ireland's richest man, he "popped up" in Australia at the time of Rupert Murdoch's HWT acquisition, and was reputedly told the Queensland and NSW regional papers would have to be sold in a radio interview.

The new News stake in APN is seen by analysis as strategic, but it is still likely to be come under the scrutiny of the Australian Competition and Consumer Commission, given the proportion of the Australian print audience it already holds.

In its statement, News said APN had "a high quality portfolio of ... radio and outdoor media assets and small regional print interests. It is led by a quality management team that has successfully driven improvements in the performance of the business."

APN publishes almost 20 daily and more than 80 non-daily newspapers, across Australia and New Zealand, as well as well as over 50 websites, mobile sites and apps. Outdoor operations cover ANZ and now Hong Kong, and it owns seven top radio networks in NZ - three in the top five - plus metro networks KIIS and Pure Gold, and Sydney's The Edge 96.1 in Australia.

APN was thought be preparing its New Zealand interests - which it has rebranded as NZME - for spin-off or sale, but this had later appeared to be off the agenda.

It recently announced plans to merge Auckland operations - including print and radio newsrooms - in a new office building it is leasing.

All connected: APN promotes the Daily Mercury on its corporate website