TVNZ considering Stuff acquisition or merger with Radio NZ
Television New Zealand (TVNZ), the state-owned broadcaster, has revealed it is considering the acquisition of a stake in Stuff, the NZ Herald reported.
The company has also considered merging the Fairfax New Zealand subsidiary with the public-service radio broadcaster, Radio NZ.
The news was announced by TVNZ’s Chairwoman, Dame Therese Walsh, and its CEO, Kevin Kenrick, when they addressed the Parliament's Economic Development, Science and Innovation Committee on 14 February.
Following the decision to merge Fairfax and Nine Entertainment, the CEO of Nine, Hugh Marks, has revealed plans to launch the formal sale process for Stuff.
Fairfax considers divestment of Stuff following merger with Nine Entertainment
The brands assets include the website stuff.co.nz, the Neighbourly platform, and newspapers such as The Dominion Post, The Press, and the Sunday Star-Times.
Stuff employs around 1,000 people and has been valued between $115mn and $135mn by Grant Samuel.
When asked if TVNZ would acquire all assets, Kenrick responded: “What you have to do is make sure you preserve and maintain options. We have ongoing partnerships with multiple different players.”
“So we don’t rule anything in. We don't rule anything out.”
“It's like anything in this market. It's so dynamic. It's changing so quickly. You wouldn't rule things out,” Kenrick responded when asked about the merger between Stuff and Radio NZ.