AUCKLAND, Today: In a new attempt to unblock obstacles to a merger, NZME has made an offer – largely a legal manoeuvre – to buy rival Stuff for $1.
Stuff and NZME are also currently seeking leave to appeal a legal decision blocking their merger.
The Commerce Commission has previously declined clearance, saying it would substantially lessen competition, both for advertisers and readers.
“The acquisition of Stuff would lower the costs of producing news, and ensure a committed local news outlet into the future.”
Last month NZME announced 200 jobs would go as a cost-saving response to the Covid-19 downturn. And Stuff is asking its employees to take a pay cut.
NZME told RNZ the acquisition of Stuff would lower the costs of producing news, and ensure a committed local news media outlet into the future.
Between them, NZME and Stuff own most of the country’s newspapers, and NZME also operates a network of commercial radio stations.
Aussies in charge
Both Stuff and NZME are largely Australian-owned.
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