Independent News & Media, the media company headed by Sir Anthony O’Reilly, has launched a bid for APN News & Media, the Australian media group, valuing it at about A$2.7bn (£1.1bn).

The move comes as media groups are positioning themselves ahead of a deregulation of Australia’s media sector. New legislation will lift restrictions on foreign investment in media ownership, as well as limits on cross-media ownership, which at present prevent investors owning newspapers and television stations in the same city.