Bauer Media Group is closing its publishing business in New Zealand due to the severe economic impact of COVID-19.
The company publishes entertainment, lifestyle and current affairs titles including the NZ Listener, Woman’s Day, New Zealand Woman’s Weekly, North and South and Next, along with a digital network.
Staff have been advised that the business is no longer viable and EY has been appointed to work alongside Bauer New Zealand to facilitate an "orderly wind-down" of the business.
“This is a devastating blow for our committed and talented team who have worked tirelessly to inform and entertain New Zealanders, through some of the country’s best-loved and most-read magazines," says Brendon Hill, ANZ CEO.
Magazine publishing in New Zealand is suspended as part of the government’s decision to move to the COVID-19 Level 4 restrictions.
“We understand the New Zealand government’s decision to move to Covid-19 Level 4, but it has put our business in an untenable position," Hill says.
"Publishing in New Zealand is very dependent on advertising revenue and it is highly unlikely that demand will ever return to pre-crisis levels.
“An active search is underway to find buyers for our New Zealand assets, including our many iconic titles. However, so far an alternative owner has not been found.”
Bauer Media Group has confirmed that funding will be provided to enable all staff to be paid full redundancy and leave entitlements.
“I would like to recognise the impact that this decision will have on our suppliers, customers and the wider publishing industry," Hill says. "This is a very difficult time for the entire media industry.”
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