Sky TV to buy Three owner Discovery NZ for $1
123RF
Sky TV has agreed to fully acquire TV3 owner Discovery New Zealand for $1.
Completion of the sale is expected on 1 August.
More to come ...
Sign up for Ngā Pitopito Kōrero
,
a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RNZ News
4 hours ago
- RNZ News
The Panel with Jo McCarroll and Mark Knoff-Thomas Part 1
Tonight on The Panel, Wallace Chapman is joined by panellists Jo McCarroll and Mark Knoff-Thomas. First they discuss the RNZ story by Guyon Espiner about NZ First's relationship to the nicotine industry. They then examine proposed changes to allow more housing on food productive land, and, finally, Finance Minister Nicola Willis says New Zealanders are not getting a raw deal on butter: discuss! To embed this content on your own webpage, cut and paste the following: See terms of use.
RNZ News
4 hours ago
- RNZ News
Morris and James set to close after half a century of pottery sales
Morris and James' designs are well known for their bold colours and distinctive designs. Photo: Supplied An iconic Matakana ceramics business has made the decision to close its doors after 47 years. For nearly five decades, Morris and James pottery has graced gardens and living rooms across the country, all made on site in its north Auckland base of Matakana. But the business is set to close, citing the current economic crisis as a major factor. Founded in 1977 by Anthony Morris and Sue James, the designs are well known for their bold colours and distinctive designs. Kieran Rice is among those who bought the business in 2009, and is the managing director at Morris and James Matakana. He told Checkpoint the decision was a difficult one for both staff and customers. "It was very, very hard and quite sad... it was a very difficult day when we talked to the staff about it." He said the support from the community had poured in today, following the announcement they were set to close. "People are supportive. We've got great customers and and great staff and they sort of understand the situation, and say we've been a cornerstone of the Matakana tourism for a long time." Rice said that he had never experienced tougher times when operating a business, with spending down for most shoppers. "It's definitely been difficult and these are discretionary spends so you know people have priorities. "People still support us and buy our stuff. But it's just that little bit harder than it had has been in the past." Morris and James Pottery will be closing its doors after 47 years. Photo: Supplied A number of reasons had contributed to the decision to close. Rice said these included a lack of spending, increasing costs and a need to update equipment. "We're at the stage now where we need to start thinking about investing in new kilns or upgrading kilns... and those are big investment decisions with long paybacks. "So some of those things also have been difficult decisions for us to go one way or the other." There is not yet a closure date for the business, with the team wanting to use up the remaining clay before closing the doors. "We're carrying on making for probably another two months and probably manufacturing for another three months by the time we're finished glazing." In that time, he hoped an investor may pop up to potentially save the business. "We're crossing our fingers a bit too... [that] an angel investor might turn up that wants to buy things." Rice said the business will vacate their current premises once they close the doors, and the owners hope to open it up as a space for creatives. Before the closure, the team is focusing on creating orders, and are making special items for customers who request it. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
NZ Herald
5 hours ago
- NZ Herald
New Zealand sharemarket dips as F&P Healthcare, Infratil shares fall
New Zealand's largest stock, Fisher & Paykel Healthcare, fell for a second day after it hosted an investor day in Melbourne, although Goodson said there was no real news for Kiwi investors. F&P shares fell 28c to $36.41, after 328,025 shares changed hands, worth $11,918,976.27. Meanwhile, Infratil shares fell 2.45% to $11.17. 'The other key name in the index was down. In the Australian close last night Infratil entered the ASX 200 index, so buying in anticipation of that may now be absent and that could perhaps explain that decline,' Goodson said. Elsewhere, Sky TV continued its positive momentum following the news it had agreed to purchase TV3 for $1 on a cash-free, debt-free basis. Today, analysts at fund manager Octagon said the business will be worth 35c per share to its new owner – or just over $48m. Sky TV's share price climbed 6c to $3.12. 'It's hardly operating in growth markets. By bolting on a business like that and hopefully extracting some cost and revenue synergies in the future, they may be able to stem some of the structural pressures that they face,' Goodson said. He also pointed out the Colonial Motor Company, one of New Zealand's longest-listed companies. It had $125,212.55 worth of shares trade on light volume. The business, which owns a number of Ford dealerships and franchises around the country, released a guidance upgrade to its second-half results, saying it is shaping to contribute to a more positive outcome for the full-year trading profit after tax than was anticipated in February. 'It's not a reflection of the overall economic environment, rather pockets of the wider vehicle market. I think it's pointing to what's becoming fairly clear in this economy, which is that large parts of the rural sector are having a pretty good year or two, but that's yet filtering through to town,' Goodson said. Global markets The Nasdaq retreated from a record Tuesday on a mixed day for stocks as markets looked ahead to upcoming earnings reports from Google parent Alphabet and Tesla. The two reports on Wednesday are the first of Wall Street's 'Magnificent Seven' equities to report this season. The group was mixed, with drops in Nvidia and other semiconductor equities consistent with profit-taking after earlier gains, analysts said. The tech-rich Nasdaq fell 0.4% to 20,892.69, snapping a six-day streak of record high finishes. But the broad-based S&P 500 edged up 0.1% to 6309.62, finishing at a record, while the Dow Jones Industrial Average climbed 0.4% to 44,502.44. Art Hogan of B. Riley Wealth Management described the market as in a 'wait-and-see' mode ahead of earnings from the most influential equities. – Additional reporting AFP Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
