The New Zealand Court of Appeal has knocked back a proposed merge of Fairfax Media’s ‘Stuff’ publication with New Zealand Media and Entertainment (NZME) for a second time.
Fairfax challenged the New Zealand Commerce Commission (NZCC)’s decision in December 2017 to decline the Stuff/NZME merge, however on 3 May, The High Court upheld NZCC’s decision.
Fairfax and NZME then appealed again in June, which has now proved unsuccessful.
Commenting in a press release on the failed second appeal, Fairfax Media CEO Greg Hywood said: “The decision is not the outcome we wanted. We believed the merger as proposed would have delivered significant synergies and sustained at-scale journalism in New Zealand for many years.
“We have remained focused on our New Zealand business, and will do everything we can to ensure Stuff continues to implement its strategy and continues to serve our New Zealand communities.
“Stuff and neighbourly are growing digital platforms and our new digital ventures are providing expansion opportunities. Print continues to be optimised and remains a valuable and highly engaging medium for readers and advertisers.
“I would like to thank all our people for working so rigorously and effectively through a long period of uncertainty. Stuff is in the hands of talented, passionate people who are acting decidedly and determinedly to create a prosperous future for the business.
“We will review the Court’s full judgement in detail when it is available.”
Meanwhile, NZME CEO Michael Boggs said he was disappointed by the decision as NZME is still of the view that the merger is in the best interests of both NZME’s shareholders and the New Zealand media industry as a whole.
Locked down Victorians who don’t currently have an Optus Sport subscription will have complimentary access to Optus Sport from this weekend to enjoy the UEFA Champions League tournament plus access to premium health and fitness content through the Optus Sport app. UEFA Champions League – the world’s premier continental football tournament – kicks off at […]
Torrens University Australia has launched ‘Career Crush’ via VCCP Sydney and Lash, to help match students with a career they’ll love. Career Crush is an online quiz that determines prospective students’ personal strengths, passions and aspirations to match them with the careers and courses they’re most compatible with. One of the toughest decisions young people […]
Pedestrian Group has partnered with Nine subsidiary Mi9 New Zealand to offer NZ brands the opportunity to partner with the likes of Business Insider Australia, Pedestrian.tv and Gizmodo Australia. Next month, Mi9 New Zealand will be representing Pedestrian Group in the NZ market, offering clients the opportunity to work with leading youth publications including Lifehacker […]
ViacomCBS Networks International (VCNI), a division of ViacomCBS, is launching a premium streaming service internationally, appealing to audiences of all ages. The new SVOD service will start its international roll-out early in 2021, offering exclusive premieres of all new SHOWTIME series, including Halo and American Rust. CBS All Access originals will also premiere exclusively on the new service, such […]
As part of a larger project to refine their brand with partner branding agency Re, Optus have engaged experimental creative studio FutureDeluxe to explore how the iconic ‘Yes’ brand mark behaves in a sophisticated 3D environment. FutureDeluxe have produced a series of 8x idents and a number of static key visuals which will be used […]