5 days ago
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.
