NZ Herald owner NZME reveals talks to buy Stuff newspapers

Friday, 21 March 2025, 9:29 pm
Article: RNZ

Media company NZME has revealed it has been in talks with its rival Stuff to buy some of its newspapers and websites.

But those talks have now been paused due to a board takeover bid at NZME, the publisher of the New Zealand Herald.

In an announcement to the NZX stock exchange, NZME said it has had discussions since late last year to buy part of the Stuff Mastheads business in an effort to grow the audience and revenue of its OneRoof business.

The move was mainly aimed at Wellington and the South Island, it said. Stuff owns the Post newspaper and its website in Wellington and The Press in Christchurch as well as a number of other regional papers in the South.

Last December, Stuff was divided in two - Stuff Digital administers stuff.co.nz, Neighbourly and its audio and video divisions. Newspaper brands and their own websites like The Post, The Press and The Waikato Times were incorporated into Masthead Publishing.

NZME said of the talks: "The strategic rationale for any transaction was the acceleration of OneRoof's revenue and audience, particularly in Wellington and the South Island, and the ability to grow NZME's total audience, customer base and profitability."

But it has been revealed the talks have been paused while NZME is facing a Board takeover.

Auckland-based Canadian billionaire Jim Grenon has bought a 9.97 percent stake in the media company and has lobbied other shareholder blocs to vote out the company's current board members and install himself and three others at a 29 April shareholder meeting.

The NZME statement said, "Stuff advised NZME that Stuff was pausing discussions in relation to any potential transaction until the composition of the NZME Board is known following the outcome of NZME's Annual Shareholders' Meeting."

It also said there was "no certainty" that NZME will re-engage in any discussions with Stuff or that they could be successful.

Stuff confirmed NZME's approach late last year to buy the Masthead Publishing business.

"We required them to provide us with more detailed information before we would consider progressing further. When events occurred with NZME's Board, we withdrew from any potential process," a Stuff spokesperson told RNZ.

"We have no intention of resuming discussions at this stage."

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