TradeMe to buy 50% of Stuff Digital
Stuff and TradeMe have announced a merger.
In a statement, the companies say TradeMe will take a 50% stake in Stuff Digital - which publishes the website stuff.co.nz and ThreeNews.
Stuff's mastheads - The Post, the Press and the Waikato Times. Its events business and Neighbourly are not included in the deal.
Last year the media company was divided in two - Stuff Digital and Masthead Publishing, which runs newspaper brands and their own websites.
In February this year Boucher changed her holdings in Stuff Digital from being the owner of the one and only share to being the sole holder of one million shares.
Boucher said the deal with TradeMe provided "brilliant new opportunities together, and for Stuff Group, continued investment in technology and talent for the future."
"It was important to me that we found the right partner at the right time in our growth strategy, protecting our fiercely independent media business which is loved and trusted by millions of New Zealanders," she said in a statement.
TradeMe chief executive Anders Skoe said the advantages of the deal were clear from the outset - particularly for TradeMe Property customers.
"This acquisition will enable vendors and agents to reach an even wider pool of prospective buyers while empowering buyers with every resource to navigate the property market with confidence."
Under the agreement, Stuff's property section will become TradeMe Property branded, with listings, ads and some content shared across both platforms.
Boucher said editorial independence and integrity was intrinsic to Stuff, and TradeMe was committed to upholding Stuff's editorial code of ethics and practice.
The value of the deal has not been disclosed.
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