Media

NZME confirms it is in discussions to buy Stuff

The Commerce Minister is refusing to comment on reports the government is backing a new bid from NZME to buy Stuff.

NZME has confirmed it is in discussions with Stuff's owners Nine, and has put a proposal to the government regarding a "possible transaction".

NZME said the discussions were still in an early stage and no decision had been made and there could be no certainty "at this stage" that the discussions will result in a transaction.

Stuff has reported that NZME is proposing a "Kiwishare" arrangement that would ringfence Stuff's editorial operations and protect local journalism.

The Commerce Commission has previously rejected a proposal to merge the two companies, on the grounds of a loss of plurality of media voices in New Zealand.

Commerce Minister Kris Faafoi said he had regular conversations with heads of media companies, but would not confirm whether he has been lobbied by NZME on any new proposal.

"I've spoken to a lot of people on the situation around public media and commercial media ,and I'm not going to get into any detail because I have a lot of commercially sensitive conversations, and if I start breaking those arrangements, no-one will talk to me anymore."

This article was originally published on RNZ and re-published with permission.

We value fearless, independent journalism. We hope you do too.

Newsroom has repeatedly broken big, important national news stories and established a platform for quality journalism on issues ranging from climate change, sexual harassment and bullying through to science, foreign affairs, women’s sports and politics.

But we need your support to continue, whether it is great, small, ongoing or a one-off donation. If you believe in high quality journalism being available for all please click to become a Newsroom supporter.

Become a Supporter

Comments

Newsroom does not allow comments directly on this website. We invite all readers who wish to discuss a story or leave a comment to visit us on Twitter or Facebook. We also welcome your news tips and feedback via email: contact@newsroom.co.nz. Thank you.

With thanks to our partners