The Fold: Trade Me buys 50% of Stuff Digital
Glen Kyne joins Duncan Grieve to discuss today's announcement that Trade Me has purchased a 50% stake in Stuff Digital.
Glen Kyne joins Duncan Greive on The Fold to discuss today's announcement that Trade Me has purchased a 50% stake in Stuff Digital, with an explicit focus on growing its property audience. Kyne and Greive break down the strategic rationale, the challenge it represents to NZME and how this new battle might play out in the coming months and years.
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Kiwiblog
2 days ago
- Kiwiblog
Will Stuff staff get their 10%?
Stuff owner Sinead Boucher has sold 50% of Stuff Digital to Trade Me, which in turn is 100% owned by Apax Partners, a British private equity firm with around US$77 billion in assets. Good on Boucher. I have no issue with foreign investment in media companies. The discipline they may bring to Stuff Digital could be very good for them. In 2021, Stuff reported: Stuff owner and chief executive Sinead Boucher is gifting a 10 per cent share of the media firm to the company's close to 900 staff. The stake in the company will be transferred to a trust controlled by employee representatives, rather than the shares being directly owned by staff members. The arrangement means staff would receive through the trust a share of any dividends Stuff pays out, and 10 per cent of the sale proceeds if Stuff was later sold or listed, she said. This never happened, as it was later modified to happening if any shares were sold or exited. Presumably this has happened, so we will see 10% of Stuff Digital transferred to a staff trust? Radio NZ report: After Boucher bought Stuff for $1 in 2020, she told staff that a 10 percent stake of the company would be put into a staff trust in the event that the business was sold or listed. A spokesperson said that, while there was still some time until the deal was to be completed, it was Boucher's expectation that a payment would be made into the staff trust. A payment? Would it be a payment equal to one fifth of what Trade Me paid? Shouldn't it be non-voting shares of 10% of Stuff Digital, rather than a payment? After all, that is what was promised?
National Business Review
2 days ago
- National Business Review
NZME reJoyce, RNZ dividends, Polk folklore, Metroglass on blast
NZME's AGM has long been circled on Private Bin's calendar. Apart from the elite shithousery of Stuff and Trade Me announcing a deal on the morning of a rival's meeting, the main event was all a bit, well, boring. Canadian agitator and 13% shareholder Jim Grenon last month struck a deal which Want to read more? It's easy. Choose your best value subscription option Student Exclusive FREE offer for uni students studying at a New Zealand university (valued at $499). View terms and conditions. Individual Group membership NBR Marketplace Smartphone Only Subscription NZ$29.95 / monthly Monthly Premium Online Subscription NZ$49.95 / monthly Smartphone Only Annual Subscription NZ$299.00 / yearly Yearly Premium Online Subscription NZ$499.00 / yearly Premium Group Membership 10 Users NZ$385 +GST / monthly $38.5 per user - Pay by monthly credit card debit Premium Group Membership 20 Users NZ$660 +GST / monthly $33 per user - Pay by monthly credit card debit Premium Group Membership 50 Users NZ$1375 +GST / monthly $27.5 per user - Pay by monthly credit card debit Premium Group Membership 100 Users NZ$2100 +GST / monthly $21 per user - Pay by monthly credit card debit Yearly Premium Online Subscription + NBR Marketplace NZ$999.00 / yearly Already have an account? Login
National Business Review
2 days ago
- National Business Review
New boss for media company Stuff Digital
Media company Stuff Digital has appointed a familiar face as its new managing director. Nigel Tutt will begin his new role in August, more than a decade after he left the business to lead digital marketing company Affinity ID. The appointment follows the resignation of Stuff chief executive Laura Maxwell last August – a role that has since been filled by the company's owner and former chief executive, Sinead Boucher. Tutt was the general manager of Stuff's digital business in the early 2010s, and before that was the commercial manager of its publishing business, when it was known as Fairfax Media. Since leaving Affinity ID, he has been the chief executive of economic development agency Priority One, in his home region of the Western Bay of Plenty. Boucher said in a statement she was thrilled he was rejoining the media company. 'Nigel is a hugely experienced digital media, marketing and technology leader who has a striking combination of skills for this next era in Stuff Digital Ltd,' she said. 'When he led what was then Fairfax's digital business where I was Stuff editor, he spearheaded significant revenue and audience growth through sharp commercial skills and a deep understanding of what Kiwis want.' Tutt said he had watched Stuff Group's latest transformation 'with delight'. The company had gone from strength to strength, 'forging the leading position in independent media and making bold moves at a time when the industry needs it most'. He will report to the new Stuff Digital Ltd board, chaired by Boucher, with equal representation from Trade Me and Stuff Group. It was confirmed this week that Trade Me planned to buy 50% of Stuff Digital, in a media shake-up that will see renewed competition between Stuff and its main rival, NZME. The deal does not include Stuff's masthead publishing business, which manages its legacy newspaper brands. This is supplied content and not commissioned or paid for by NBR.
