Deep Concerns About Undue Influence At NZME

E tū is deeply concerned by comments made by NZME investor and billionaire James Grenon, that he wants to replace the board of directors with four new people – including himself.

Grenon owns a 9.3% stake in NZME, and has been a controversial figure in the media landscape.

NZME delegate Isaac Davison said the takeover proposal created significant uncertainty about the company's potential direction and the newsroom's editorial independence.

"Our top priority is preserving the impartiality of our journalism and the independence of the newsroom," Isaac says

“E tū journalists follow a code of ethics which includes a commitment to reporting and interpreting the news with "scrupulous honesty" and without fear or favour.

“While the intentions of the potential new board members remain unclear, we are concerned about an apparent record of backing news ventures which lack transparency.

“Further, NZME is in the last stages of a major change process which has had a profound impact on staff morale. We believe it is a time for consistency and stability rather than more uncertainty.”

E tū Director Michael Wood says that Grenon has a clear agenda to use NZME for his own interests.

“Mr Grenon clearly wants to use his financial clout to steer the editorial direction of one of New Zealand’s largest and most important media networks,” Michael says.

“While changes to media ownership in New Zealand are common, there is not any recent example of an extremely wealthy individual seeking to use an ownership stake to steer public discourse in the way that Mr Grenon, based on his track record, seems to be attempting.

“These concerns are heightened by a lack of transparency. When his initial stake in NZME was revealed, Mr Grenon indicated that he was not intending to make any further moves, yet within a week it has been reported that he is working closely with an NZ On Air board member and a high-profile businessman to take over the board.

“The idea that a shadowy cabal, backed by extreme wealth, is planning to take over such an important institution in our democratic fabric should be of concern to all New Zealanders.”

Michael calls on the current board to re-affirm its commitment to the editorial independence of NZME’s publications.

“While there is clearly a commercial process to play out, we must protect the rights of NZME journalists to report free from undue interference. We urge other shareholders to think carefully about the impact on the value and standing of NZME if they allow it to be turned into a plaything for the agendas of billionaires like Mr Grenon.”

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