Newspaper and radio conglomerate APN News & Media has been rocked by the resignation of its chairman and chief executive, along with three other directors, in the wake of a major clash with investors.

The resignations came after the directors and senior management proposed a capital raising to reduce the company’s debts, which was rejected by major shareholders INM and funds management firm Allan Gray.

APN owns a number of major print and radio assets, including the Daily Mercury, New Zealand Herald, the Mix-FM radio network and the Classic Hits radio network.

This article was first published on LeadingCompany's sister site, StartupSmart.