It has been announced today that Stuff CEO Sinead Boucher has bought Stuff from parent company Nine for $1.
Putting an end to the will they wont they of NZME attempting to buy Stuff from Nine West, the purchase has gone to a worthy recipient in the form of current NZ CEO.
Boucher said in a statement to the ASX;
“I am pleased to confirm that I have agreed a deal with our owners, Nine Entertainment Ltd, to purchase Stuff Ltd, bringing the business and all its mastheads back to local ownership.
“Our plan is to transition the ownership of Stuff to give staff a direct stake in the business as shareholders. Local ownership will bring many benefits to our staff, our customers and indeed to all Kiwis, as we take advantage of opportunities to invest in and grow the business.
“Stuff is in a great position to enable future success. We have trusted platforms, a significant audience, and our pre-Covid-19 performance was strong. Our people, who have endured the question mark around Stuff’s future ownership for a number of years, now have certainty and I know they are ready to focus on creating the next chapter for the business and ensuring a sustainable future for local journalism.”