APN chief executive Michael Miller told BusinessDay that all options were being considered for the New Zealand assets as one entity, rather than breaking them into different parts.

The New Zealand arm of APN could be valued between $500 million and $540 million, CCZ Equities media analyst Roger Colman said.

"The radio business is a solid business, the newspapers are not, that's pretty obvious, but the New Zealand Herald is an iconic newspaper," Mr Colman said.

Among the options are listing on the New Zealand Stock Exchange, retaining 100 per cent of the business, or selling the whole New Zealand arm.

"While we're not actively seeking trade sales at the moment, we would consider any trade sale approaches for the whole business which we may receive out of this process," Mr Miller said. "We're not actively looking and we've got nothing we're considering today."

Managing director of fund manager Allan Gray, which holds a 12.8 per cent stake in APN, Simon Marais said Monday's announcement was a signal to the market about the availability of the media company's Kiwi assets.

Allan Gray is APN's third largest shareholder.

"Their big thing is they think there is a much better valuation for the business in New Zealand than there is for that type of business in Australia. They want to test the market and see if that indeed is the case, which seems very sensible," Mr Marais said.

"I think there's a decent chance [of somebody coming in]. If you think about it, this is the absolute premier media asset in New Zealand, there's nothing else really."

Mr Marais said there would be a number of people calling APN, ranging from a rich benefactor who wants to invest in media to Fairfax Media, publisher of BusinessDay.

Allan Gray is Fairfax Media's fourth largest shareholder with a 5.7 per cent stake.

"I'm sure [Fairfax] will talk to them. It may well be worth more to them than anyone else," Mr Marais said.

However, combining Fairfax's and APN's New Zealand assets would present competition issues, Mr Marais said.

A Fairfax spokesperson said there were no current discussions with APN.

This will be the second in just over two years that APN has run the ruler over its New Zealand assets. In May 2012, the kiwi business was put on the market by then chief executive Brett Chenoweth, with Deutsche Bank advising on a strategic review after the group was approached by potential buyers.

APN will now seek meet with bankers and advisors to hash out valuations, potential partners, timing and structure.

"We don't have a ballpark figure. There are many things that go into a valuation and that's what we'll now be seeking feedback on," Mr Miller said.

APN's half-year earnings, reported last month, the New Zealand arm of the business accounted for 43.6 per cent of the group's total earnings before interest, taxes, depreciation, and amortization of $79.4 million.

Cash from a potential public offering or a complete say could be used to reduce debt, recommence dividends or, if the right opportunity arises, spent on acquisitions, Mr Miller said.

APN's New Zealand assets include The New Zealand Herald, regional newspapers, The Radio Network and GrabOne - a group buying website.

APN, in May appointed Jane Hastings to the newly created role of APN chief executive New Zealand to better drive its assets across the Tasman.

If the business were to be split and listed on the NZX, APN intends to remain a substantial shareholder, Mr Miller said.

Declining advertising revenue has plagued media globally, but Mr Miller said he saw light at the end of the tunnel.

"Particularly looking at the re-rating and success of many publishing businesses in the US, as newspapers take a greater focus on digital subscriptions, digital advertising revenues and the greater focus on audiences that there's a re-rating that has been occurring internationally."

In August, APN reported a 77 per cent jump in half-year profit to $22.6 million. The surge in profit was helped largely by the performance of its radio acquisitions.

During the half, APN bought full control of the Australian Radio Network and NZ's The Radio Network.

While revenue growth was small, up just 3 per cent, improvements in the radio business helped outweigh the declining publishing assets.

The crown jewel in APN's radio assets KIIS has benefited significantly from the defection of Kyle Sandilands and Jackie O, who joined the network from Southern Cross Media's 2Day FM.