Businessman and NZME director Jim Grenon has increased his shareholding in the publisher of legacy media outlet NZ Herald to 17.9 percent, acquiring 3.7 million shares for $4.07 million in his second major purchase in recent weeks.
According to a report in the mainstream media outlet (paywalled) Grenon, who earlier this year spearheaded a successful board shake-up and joined the company’s directors alongside Steven Joyce, is now NZME’s second-largest investor behind Spheria Asset Management’s 19 percent holding.
While Grenon has ruled out a takeover bid, his growing stake strengthens his influence over the media company, which recently posted a $393,000 half-year loss despite $23.9 million in operating earnings.
Does anyone still waste their time reading the Herald?
It used to be a great newspaper – but that was last century.
I won’t read it. Toilet paper