Fairfax Media has sold six of its national magazines as it continues restructuring to focus on core audiences and subject areas, according to Stuff.co.nz.
NZ Life & Leisure, NZ Lifestyle Block, The Cut, World, NZ Horse & Pony, and Ponies! have left the Fairfax stable, being sold to senior editorial staff.
Stuff says the sale prices were not disclosed with Fairfax calling them “commercially sensitive” and said it was not known how many staff could be affected.
Group executive editor Sinead Boucher announced the news to staff during the holiday break.
“Our magazine portfolio is in strong shape,” she told Stuff. “Today’s announcement means some of our niche magazines go to owners who are absolutely passionate and expert in their respective fields. I’m thrilled for them, and confident they will create new opportunities for these magazines, and continue to deliver high-quality editorial content for readers.”
Editorial director Kate Coughlan has purchased NZ Life & Leisure and NZ Lifestyle Block magazines, a return to the ownership she had before selling the titles to Fairfax in 2007.
World magazine has also been sold back to its founder and publisher Don Hope. Hope is also buying bi-monthly golfing title, The Cut.
NZ Horse & Pony and Ponies! have been purchased by editor Rowan Dixon.
NZ Life & Leisure, NZ Lifestyle Block and World changed ownership on December 31, NZ Horse & Pony and Ponies! change on February 1 and The Cut on March 15.
Read the Stuff report here.
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