NZME’s attempt to buy up parts of rival legacy media company Stuff has hit a wall, as boardroom chaos derails the plan.
The publisher of New Zealand Herald admitted it was in talks to acquire Stuff’s regional newspapers and websites, particularly targeting Wellington and the South Island, to prop up its struggling OneRoof business.
However, those discussions have been abruptly paused amid a board takeover bid led by Auckland-based Canadian billionaire Jim Grenon, who recently acquired a 9.97% stake and is pushing to oust current board members.
A spokesperson for Stuff said it has no intention of resuming talks, leaving NZME’s ambitions in limbo.
Less monopoly power in media ownership would result in more and better independence in any media.
Why doesn’t the Commerce Commission step in and increase competition among media outlets?
Let the dead bury the dead.
I’d rather stare at a blank wall, than read what they write.