Latest news with #SineadBoucher
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?
NZ Herald
2 days ago
- Business
- NZ Herald
Media Insider podcast: Stuff's Trade Me deal - will staff share in chief executive Sinead Boucher's lucrative payday?; New NZME chair Steven Joyce opens up in first major interview
Steven Joyce sits down for his first major interview since becoming the chair of NZ Herald and Newstalk ZB owner NZME, and we ask Stuff owner Sinead Boucher whether her staff will also share in the rewards of this week's Trade Me deal, as previously promised. Stuff boss Sinead Boucher
RNZ News
3 days ago
- Business
- RNZ News
Trade Me sale will not alter commitment to news
Stuff CEO Sinead Boucher and Trade Me CEO Anders Skoe Photo: Supplied / TradeMe The owner of media company Stuff says it remains committed to news despite the sale of its digital arm. The company has agreed to sell 50 percent of Stuff Digital , which runs the Stuff website and ThreeNews, to online marketplace Trade Me. Under the agreement, Stuff's property section will become Trade Me Property branded, with listings, ads and some content shared across both platforms. Stuff Group chief executive Sinead Boucher told Morning Report the change was about expanding and diversifying the business. "We've done a very good job over the last five years of securing our own future. But we're in a industry and in a world where there is lots of change, lots of things still to be done and lots of opportunity," she said. "We want to make sure we're in the best position to harness that and keep growing." Since last July, Stuff has been providing an evening news bulletin, replacing the former Newshub news service, after the company announced an agreement with Warner Bros Discovery New Zealand. "There isn't going to be any changes as a result of this deal to any of our products or our staff of people," Boucher said. "Whatever happens to that, that's up to Warner Brothers, it's not up to Stuff." Boucher said she had no concerns about the future business moves of Trade Me's owners. Trade Me was bought by private equity company Apax Partners in 2019. Stuff's mastheads, The Post, the Press and the Waikato Times, its events business and Neighbourly were not included in the deal. Last year the media company was divided in two - Stuff Digital and Masthead Publishing which runs newspaper brands and its own websites. "[Masthead Publishing] is also a very digitally focused business," Boucher said. "It has spent the last couple of years building up very strong subscription audiences. We have re-positioned The Post for example as a national publication around politics, business, economics, etc. That's continuing to go really well for us." Boucher did not rule out a future sale of the mastheads but said she had no immediate plans to do so. "We're in media, nobody should ever say 'always' or 'nevers', but that's certainly not on my agenda at the moment." The property section of Stuff would be clearly delineated, Boucher said. Meanwhile, former editor of the New Zealand Herald and media commentator Gavin Ellis said the Herald had been drifting of late and there had been a clear signal that there needed to be more media experience on the board. He was commenting after media company NZME, which owns the New Zealand Herald and Newstalk ZB, revamped its board . Canadian businessman and activist shareholder Jim Grenon launched a bid to replace the board with himself and three associates. He ended up with a seat on the board and former National government minister Steven Joyce has taken over as chair. Ellis welcomed the appointment of Joyce who brought not only political expertise but also a lengthy association with the radio industry. He was a lot more "nuanced" than people realised and would be good for the board. However, he was less sure about the impact of Grenon and his attitude to editorial matters. "New Zealand media for as long as I can remember have been free of political interfence from their boards." Editorial independence was "a precious thing to preserve". "I think that anybody who crosses that editorial line does so at their peril. I think the paper would suffer and levels of trust would suffer." No assurances had been given so far, Ellis said, and the Herald's soon to be created Editorial Advisory Board should have a binding charter which should be made public.
RNZ News
3 days ago
- Business
- RNZ News
Stuff owner on Trade Me buying half of Stuff Digital
business media 7:50 am today Trade Me is set to buy half of Stuff Digital in what is likely to be a multi-million-dollar deal. Stuff owner Sinead Boucher spoke to Corin Dann.
NZ Autocar
4 days ago
- Automotive
- NZ Autocar
Trade Me takes a half share in Stuff Digital
Trade Me has announced it is taking a 50 per cent stake in Stuff Digital Ltd, the business behind New Zealand's most visited news website. The deal unites two of the country's biggest digital platforms. Trade Me is the leading site for property, motors, jobs and general classifieds. Meantime Stuff commands the largest online news audience in Aotearoa. Stuff's newspaper brands are not included in the deal. Stuff chief executive, Sinead Boucher, told RNZ that the deal with Trade Me provided 'brilliant new opportunities together, and for Stuff Group, continued investment in technology and talent for the future.' Head of Trade Me Motors, Jeremy Wade, told AutoTalk this morning that the motors businesses will not be the first to combine. Instead, it will be the property divisions but other synergies will be worked through in the coming months. Stuff's property section will become Trade Me Property branded. Listings, advertisements and some content will be shared across both platforms. 'We will work with Stuff to see what opportunities there are for our motors customers over the next couple of months' Wade said. 'We are committed to growing our audience for our motors customers and this is a real opportunity to do so.' Trade Me Chief Executive, Anders Skoe, says the investment is designed to extend the company's reach and relevance for New Zealanders of all ages. 'This is an exciting investment to accelerate our growth by connecting with even more Kiwis to help them live the life they've always dreamed of,' he said. Skoe says the deal will particularly benefit Trade Me's property and motors categories by leveraging Stuff's massive online traffic.
