Noise properties as well as read / write characteristics of a CoNiReP single-layer perpendicular magnetic recording medium and a perpendicular / longitudinal composite medium are investigated by using a merged ring-type write / MR read head. The reproduced voltage of the composite medium is higher than the single-layer perpendicular recording medium in the region of lower than 100kFRPI. The noise power of the CoNiReP single-layer perpendicular recording medium is almost independent of recording density, similar to a CoCr perpendicular recording medium prepared by sputtering method. The noise power of the composite medium was lower than the superposition of the noise power of the longitudinal magnetization underlayer alone taking account of spacing loss and the noise power of the perpendicular magnetization upperlayer alone. But no noise reduction was obtained in the case of using narrow gap recording head. In order to realize excellent noise properties as well as read / write characteristics, it is necessary still more to clarify the effect of head and medium parameters and to optimize these parameters.