Following this acquisition, the new owner struck up a publishing partnership with Auckland-based Adrenalin Publishing to resume publishing of the magazine, which is in its 60th year of circulation.
“We think Adrenalin, which publishes NZBusiness and several other trade and professional titles, will soon get Management back on track as one of New Zealand’s most respected professional publications,” said NZIM chairman Dan Coward in a release.
NZIM plans to publish Management in conjunction with Adrenalin-owned NZBusiness in a new combined format, which the release says will allow for increased distribution for each title. Editorially, Glenn Baker will continue to serve as the editor for NZBusiness and NZIM announced that it will appoint a new editor for Management, following the departure of MediaWeb’s Toni Myers.
In addition to purchasing the rights to publish Management, NZIM also purchased Executive Update, an electronic newsletter from the receivers.
The receivers’ report initially valued MediaWeb’s assets—in terms of trade debtors, fixed assets and intellectual property—at about 3.2 million dollars, but this isn’t necessarily the amount the receivers will get from the liquidation.
McDonald Vague receiver Tony Maginness wouldn’t comment on how much the magazine had been sold for, but he did say that it was less than initially hoped for.
He explained that the reason for this was likely because publishing of most of the MediaWeb titles stopped shortly after the company went into receivership—meaning that Management has not been published since April.
Maginness also said that the decline of the print industry resulted in caution on the part of prospective buyers, who were not willing invest significantly in a diminishing asset.
The company’s business-to-business titles were also placed under additional pressure by the Intermedia Group, which fast-forwarded its move into New Zealand and thereby introduced two competitors to the market.
Despite these encumbrances, the receiver says that most of MediaWeb’s major titles have already been sold, with the exception of Travel and Trade, which still does not have a buyer.