Stuff sold for $1 to CEO Sinead Boucher by Nine Entertainment

Marco Green
May 25, 2020

The organization Stuff prints numerous nation's daily newspapers and runs a popular news website of the same name.

"We are looking forward to working closely with staff, customers and our audiences as we embark upon what we believe will be a great new era for the business and the independent journalism it is built on".

The new company will be led by Stuff's chief executive, former journalist Sinead Boucher.

Nine said that Stuff chief executive Sinead Boucher would take over the company, which operates New Zealand's most popular news website, stuff.co.nz, and titles such as Wellington's Dominion Post and the Christchurch Press.

Nine said it expected to complete the sale by the end of the month.

Nine, however, will retain ownership of Stuff's Petone printing plant site while leasing it back to Stuff. The High Court last week declined an interim injunction sought by NZME that could have delayed the sale to Boucher.

The Australian company, which acquired Stuff when it bought Fairfax Media, will also receive potential proceeds from the recent sale of wholesale broadband business, Stuff Fibre.

Most New Zealand media companies have been struggling since the pandemic struck.

Last month, German company Bauer Media closed its New Zealand operation and stopped publishing numerous country's magazines.

The deal was announced at the same time that television channel Three owner MediaWorks was understood to be holding a staff meeting to discuss a proposal to shed 130 staff.

Other reports by Click Lancashire

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