Nine Says It Has Called Off Talks With NZME Over The Sale Of Stuff

Nine Says It Has Called Off Talks With NZME Over The Sale Of Stuff
B&T Magazine
By B&T Magazine



Nine Entertainment has said it is no longer in talks with NZME over the sale of Stuff, yet the CEO of NZME has rejected those claims.

Nine reportedly axed talks with NZME after it offered a scant $NZ1.00 for the struggling media business Stuff, despite former Fairfax chief Fred Hilmer paying over $1bn for the business two decades ago.

However, NZME CEO Sinead Boucher said Nine is still in a “binding exclusive negotiation period”.

Nine issued a short statement to the ASX on Monday after NZME issued a statement announcing the group’s proposal to buy Stuff.

Nine said the discussion was off the table, while Boucher said the negotiations ended last week.

“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,” Nine said in its ASX statement.

NZME then issued a second statement, rejecting Nine’s statement.

“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,” NZME said.

The Oz is reporting Nine is now talking to other potential buyers, with its DataRoom column reporting Sydney-based private equity firm ­Anacacia Capital has held discussions with Nine Entertainment.

B&T reached out to Nine for comment.

NZME wrote to the Ardern government “seeking urgent legislation” that would allow the company to buy Stuff by May 31, saying the legislation change would help it acquire Stuff for $NZ1, excluding certain non-media assets.

“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,” it said.

 

 

 

 




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