NZME pauses Stuff acquisition talks after board takeover bid

NZME, the owner of the New Zealand Herald, has been in talks to buy some newspapers and websites from its competitor, Stuff. These discussions have now been put on hold due to a board takeover bid at NZME. Since late last year, NZME aimed to acquire part of Stuff's Masthead business. The goal was to expand its audience and increase revenue for its OneRoof platform, particularly in Wellington and the South Island. Stuff owns several newspapers, including The Post in Wellington and The Press in Christchurch. Recently, NZME's situation changed when Canadian billionaire Jim Grenon bought a nearly 10% stake in the company. He is pushing to replace current board members at an upcoming shareholder meeting on April 29. Because of this uncertainty, Stuff has decided to pause negotiations with NZME until the board situation is clarified. A spokesperson from Stuff confirmed that they needed more information from NZME before moving forward and that they have no plans to resume talks at this time. The outcome of the board situation at NZME remains uncertain, and it is unclear if the discussions will reopen in the future.