Home Finance Stuff Sold?

Stuff Sold?

Author

Date

Category

  • Stuff chief executive Sinead Boucher restores NZ ownership for $1

By RNZ News:

Stuff chief executive Sinead Boucher has purchased Stuff from its Australian owners Nine Entertainment for $1 to return the media company to New Zealand ownership.

The sale is expected to be completed by May 31.

“Our plan is to transition the ownership of Stuff to give staff a direct stake in the business as shareholders,” Boucher said in a statement.

“Local ownership will bring many benefits to our staff, our customers and indeed to all Kiwis, as we take advantage of opportunities to invest in and grow the business.”

Nine will retain ownership of Stuff’s Petone printing plant site and lease it back to the media company. And Stuff will receive a percentage of the proceeds of its sale of Stuff Fibre to Vocus.

“As a result of the successful completion of the Stuff Fibre sale on 20 May 2020, Nine will receive 25 percent of those proceeds before completion of the Stuff sale, plus up to a further 75 percent over the subsequent 36 months, depending on the Stuff business’ ability to raise funding,” Nine said in a statement to the Australian stock exchange.

NZME had entered negotiations with Stuff’s owner on 23 April and earlier earlier this month announced it wanted to buy Stuff for $1 and asking for urgent government legislation allowing it to skirt the need for Commerce Commission approval.

Merger attempts knocked back
The owner of the Herald and Newstalk ZB had been trying to acquire Stuff since 2016, with its merger attempts knocked back by the Commission and the Court of Appeal.

Nine Entertainment insisted deal had been agreed and negotiations with NZME were already over, and the spat ended up in the High Court with NZME denied an injunction against the Nine.

Stuff journalists reacted positively to the news with one saying it’s the “best possible outcome” for the company, though several said they were under no illusions about the financial challenges facing the business, Mediawatch reported.

Employees were last month asked to take a 12-week pay cut because of the impact of the Covid-19 crisis.

“We have always said that we believe that it was important for Stuff to have local ownership and it is our firm view that this is the best outcome for competition and consumers in New Zealand,” Nine chief executive Hugh Marks said.

16 COMMENTS

  1. At $1.00 it sounds like a bargain but she could have waited a couple of years because by the time Cindy,Grant,and the drunken dwarf are finished with NZ she could have bought the whole country including Stuff for $5.00.

    11

    0

  2. $1.00 is far too much.

    But she is counting on a handout from Ardern. She is a fanatical party loyalist and Ardern gives millions to loyalist propaganda outlets. That is why it could reach $1.00 (It’s really just to satisfy the legal elements of contract.)

    11

    0

  3. The Lady has “big Balls”.
    there are not many who would do this but at least she knows the business.
    all you skin flints who want something for nothing woll lose out as there can be no doubt that a paywall is coming just like NZME.
    You used to buy the papaer, you won’t work for nothing so don’t expect others to do so.
    Free is always good but you only get what you pay for, ALWAYS.
    Neighbourly signed up 500 people a day during lockdown.

    Good to see Kiwi’s rising to recover what was taken away.

    3

    4

    • “Good to see Kiwi’s rising to recover what was taken away.”

      Go home your drunk.

      Kiwis are groveling on their knees demanding more totalitarian dictates from their Dear Leader.

      17

      0

      • The only one drunk is yourself, rabbiting of like a demnted clown.
        Nort ebvery Kiwi is tarred with the same brush and your discarded feathers.
        Go get a job.

        2

        3

    • Yeah nah Viking.
      We don’t buy the product because it is flawed.
      If it continues to be flawed, we’ll continue to not buy it.

      Maybe if they have skin in the game, the folk at stuff will figure out there’s no money in their lefty love-est.
      The industry got 50m to produce quality journalism.
      Where’s the bang for our buck?

      10

      0

      • Nah you don’t buy it because you disagree with the content.
        Content that isn’t paid for, so is worth what you pay.
        I doubt you will sell whatever you do for nothing and why should they?
        It’s actually called proerty rights, although perhaps like all good socilaists you don’t think anybody is entitled to property rights. Typical.

        0

        4

    • These ex Fairfax shitters told lie after lie after lie.

      The said no one could question them on their globbby warming evangelism

      They have attacked the current elected President of the United States daily but featherbedded the war-mongering, treasonous, Half caste, Hawaiian homo predecessor

      There was no questioning of sanctimonious Saint Cindy and her economic firestorm.

      They teased and put the chance to post comment but removed all comments if people called them out on their lies.

      The disgusting Stuff can f**k themselves sideways with a 15 inch dildo if they want 1 RED cent from anybody.

      0

      0

  4. She had a cunning plan,
    Run stuff down,
    Buy it out at a cheap price,
    Get rid of floss,
    Profit.

    6

    0

  5. I notice there is no mention of the debt it holds.
    They have not bought the worthwhile “hard asset” –ie. the printing operation at Petone. Even if print media is drying up, printing in general will always be there, so this will still have some value.

    5

    0

  6. What is neighborly and why would you use it?
    It turned up on my tablet and toke ages to get rid of it whatever it was.

    5

    0

Comments are closed.

Recent posts

Hope grows every day.

World first prostate cancer drug stick implanted into Tauranga patient Matt Shand A new cancer treatment implant that slowly releases drugs directly into cancerous tumours has...

The Real Pandemic

The Real Pandemic: Mass Munchausen’s Syndrome by Proxy Craig Pirrong: It’s more than fair to say that we are experiencing a pandemic, but not the one...

Recent comments

howitis on Have Your Say
rightoverlabour on Have Your Say
Odakyu-sen on Have Your Say
Ross12 on Have Your Say
rightoverlabour on Have Your Say
Kea on Have Your Say
waikatogirl on Have Your Say
waikatogirl on Have Your Say

The way we all feel about this useless government

Hamilton
clear sky
13.5 ° C
13.5 °
13.5 °
91 %
0.9kmh
7 %
Fri
18 °
Sat
21 °
Sun
21 °
Mon
22 °
Tue
22 °
NZD - New Zealand Dollar
USD
1.4959
EUR
1.7742
AUD
1.0672
CAD
1.1385
GBP
1.9483
JPY
0.0143
CNY
0.2237
INR
0.0203