APN has quit its last involvement with print media by agreeing to sell its Australian regional daily and other newspapers to its largest shareholder and partner, News Corp, for what appears to be a knockdown price of $36 million. Journalists fear for their jobs in the merger, which will increase News’ print dominance and give it a print monopoly in some areas.

According to media reports, APN agreed to the fire-sale’ price offered by News Corp of $36 million — 30% less than the price APN had been talking about of $50 million. But as usual News Corp, which owns 14.9% of APN and always had the inside running on the purchase, is sending contradictory messages. It is closing seven community papers in the Leader group in Melbourne at the end of the month. But it is going deeper into print in Queensland by buying APN’s 16 regional dailies (which are based in northern NSW and Queensland) and a host of weekly free and paid papers.

News Corp CEO Robert Thomson had in the past ruled out any further expansion in print (such as buying the Tribune Publishing group in the US), but he has obviously been overruled in this case by the Murdoch clan. The purchase will lift News Corp’s dominance of daily journalism close to 70% and leave Fairfax Media and Seven West Media as the only two independent publishers of note. It’s worth noting, however, that News is considering selling its ailing Sunday Times in Perth to Seven West, which would bring about a monopoly of another kind — Kerry Stokes’ Seven West would own all major print media assets in WA.

The APN titles News will be buying include Mackay’s Daily Mercury (Mackay), Rockhampton’s The Morning Bulletin and The Chronicle in Toowoomba, which are all are housed in APN”s Australian Regional Media unit. Their purchase and will give News Corp a near monopoly of print journalism in Queensland. It already owns The Courier-Mail and Sunday Mail in Brisbane, The Townsville Bulletin, The Gold Coast Bulletin and The Cairns Post.