New Zealand publisher NZME says it’s still in talks to purchase Nine’s Stuff, despite Nine saying negotiations have been “terminated”.
This morning New Zealand Media and Entertainment (NZME), which publishes titles such as The New Zealand Herald, released a statement to the NZSX asking for urgent legislation to allow it to buy rival Stuff for $1 by the end of May.
“NZME believes that the New Zealand media sector is too small for the current number of quality participants and consolidation is urgent in the face of dramatically declining advertising revenue and current general economic conditions,” the statement reads.
“NZME continues to believe that it is the best owner for Stuff as it is best placed to preserve mastheads, newsrooms and jobs.”
However, in response Nine released its own statement to the ASX stating it has notified NZME that negotiations have been “terminated” to purchase Stuff.
“Whilst Nine confirms that it has had discussions with NZME regarding the acquisition of Stuff, Nine has notified NZME that it has terminated further engagement with NZME,” the ASX statement says.
Following Nine’s statement, NZME responded, saying it considers negotiations to still be in play.
“NZME notes Nine’s announcement that it has terminated further engagement with NZME in relation to any acquisition of Stuff,” the statement from NZME.
“NZME’s view is that it is still in a binding exclusive negotiation period with Nine and does not accept that exclusivity has been validly terminated.”
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