WELLINGTON: Struggling New Zealand media giant Stuff Limited was sold in a management buy-out deal for the symbolic fee of NZ$1 , the group’s Australian owners Nine Entertainment announced Monday.
“The sale of Stuff is expected to complete by May 31,” Nine said in a statement to the Australian stock exchange. “It is great to take control of our own future with the move to local ownership and the opportunity to build further on the trust of New Zealanders, who turn to us for local and national news and entertainment every day,” she told stuff.co.nz.
German magazine giant Bauer Media Group closed its New Zealand titles with the loss of 237 jobs last month, citing the “severe economic impact” of the pandemic.
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