APN News & Media - which owns Newstalk ZB's parent company NZME - is selling its Australian Regional Media division to News Corp.

The division produces regional papers in Queensland and northern New South Wales.

Its portfolio includes 12 daily papers, 60 community newspapers and non-daily publications, and over 30 regional news websites and mobile sites.

APN Chairman Peter Cosgrove says the divestment is another step towards concentrating on radio and outdoor media assets, which he says hold great potential for the future.