Latest news with #Boucher
Kiwiblog
a day ago
- Business
- 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
- Business
- 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.
Otago Daily Times
4 days ago
- Business
- Otago Daily Times
TradeMe to buy 50% of Stuff Digital
Stuff Group chief executive Sinead Boucher and TradeMe chief executive Anders Skoe. Photo: Supplied / TradeMe 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 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.
Otago Daily Times
4 days ago
- Business
- Otago Daily Times
50% of Stuff Digital to be sold to TradeMe
Stuff Group chief executive Sinead Boucher and TradeMe chief executive Anders Skoe. Photo: Supplied / TradeMe 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 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.
Scoop
4 days ago
- Business
- Scoop
Trade Me Invests In Stuff Digital Ltd
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, 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 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 About Trade Me Limited 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.
