Trade Me Invests In Stuff Digital Ltd
Press Release – Trade Me Limited
Trade Me Chief Executive Anders Skoe says the acquisition brings together two highly successful Kiwi brands which are intrinsic to the lives of millions of New Zealanders.
Stuff Group and Trade Me are joining forces, with the nation's leading property, motors, jobs and marketplace portal set to take a 50 per cent stake in Stuff Digital Ltd, which has the country's largest New Zealand website, stuff.co.nz.
Trade Me Chief Executive Anders Skoe says the acquisition brings together two highly successful Kiwi brands which are intrinsic to the lives of millions of New Zealanders.
'For 26 years, Trade Me has supported New Zealanders through all life's milestones. This is an exciting investment to accelerate our growth by connecting with even more Kiwi to help them live the life they've always dreamed of.'
Stuff Group Owner and Publisher Sinead Boucher says the investment in Stuff Digital has a pleasing symmetry, given the organisations' shared history, values and commitment to making an impact in the lives of New Zealanders.
'This is the first time since the management buy out of Stuff five years ago that I have accepted an equity partner into the business,' she says. '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.
'Trade Me is that partner – a great Kiwi success story with the largest property and motoring audiences in New Zealand. Combined with the largest and most engaged digital news audience in the country, this deal provides for brilliant new opportunities together, and for Stuff Group, continued investment in technology and talent for the future.'
Skoe says the acquisition marks an exciting next chapter for Trade Me.
'Stuff is New Zealand's most dynamic and loved media company and its mission to have a positive impact on New Zealanders' lives aligns with our purpose of connecting Kiwi to create the life they want.'
Skoe says the advantages of the deal were clear from the outset, particularly for Trade Me 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.
'Together, we can generate the highest quality property market insights and keep all of Aotearoa informed. This will not only strengthen our existing offering, but enable us to continue to play a pivotal role in the Kiwi property journey.'
Under the agreement, Stuff's property section will become Trade Me Property branded, with listings, advertisements and some content shared across both platforms.
Boucher says editorial independence and integrity is intrinsic to Stuff, and Trade Me is committed to upholding Stuff's Editorial Code of Ethics and Practice.
Boucher will chair the new Stuff Digital Ltd Board, which will include Skoe, with equal representation from both organisations. Stuff will retain operational control of the business through the Chair's casting vote. The 50% stake in Stuff Digital excludes Stuff Group's Masthead Publishing business, Events and Neighbourly.
The deal is subject to some standard conditions and expected to complete within the next few months. All financial details of the investment remain confidential.
About Stuff Group
Stuff connects with around 3.4 million Kiwis every month across its major businesses, delivering quality news, content and experiences that help make Aotearoa a better place. Stuff Digital has unrivalled reach across the nation through number one news website stuff.co.nz and homegrown social network Neighbourly. Stuff Masthead Publishing connects with audiences through subscriber-led digital and printed metropolitan, regional and community publications, as well as a range of much-loved consumer magazines. Stuff Brand Connections arms advertisers and partners with a comprehensive range of cross-media advertising and Stuff Events solutions. Find out more at advertise.stuff.co.nz
Trade Me is the largest online marketplace and classified site in Aotearoa. For 26 years it has been the place Kiwi look first to buy and sell across property, motors, jobs and marketplace with over 1.5 million Kiwi visiting Trade Me every month.
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