Fairfax Media seems to be uninterested in buying stake in APN News & Media, owner of The New Zealand Herald, NZPA reported, according to the article posted on The National Business Review.

Besides the Herald, APN also publishes the Listener, a range of regional newspapers in New Zealand and Australia. It is also the half owner of NewstalkZB stable The Radio Network.

"We don't have any intentions with APN and we won't be part of the (sale) process," said Fairfax Chief Executive David Kirk, according to Fairfax paper The Dominion Post. "There were no assets (in APN) that we were particularly seeking."

Kirk also ruled out the possibility of Fairfax buying The New Zealand Herald alone. "Fairfax wanted to retain an investment grade rating and spare cash would go to pay debt as a priority," he said, according to the article posted on NBR.

Fairfax Media's shares traded at $AU1.33 ($NZ1.59) Monday, down from about $AU4.50 at the beginning of the year. "Fairfax would not be remotely interested in raising equity for an acquisition with such a low share price at present," Kirk said, according to NBR.