New Zealand media giant makes NZ$1 bid for Aussie rival Stuff

The bid reflects Covid-19's impact on revenues in a sector already struggling. FMTNews NZ

WELLINGTON: New Zealand media giant NZME launched a symbolic NZ$1 takeover bid for rival Stuff Limited on Monday in the latest effort to consolidate the country’s news industry during the coronavirus-induced downturn.

“Whilst Nine confirms that it has had discussions with NZME regarding the acquisition of Stuff, Nine has notified NZME that it has terminated further engagement with NZME,” it said. “NZME’s proposed acquisition of Stuff is important to the continued operation of a robust fourth estate and plurality of voice in this country,” NZME said in a statement.

NZME argued in Monday’s statement to the New Zealand stock exchange that its proposed takeover “will not substantially lessen competition in any market”.

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