Stuff chief executive Sinead Boucher has purchased Stuff from its Australian owners Nine Entertainment for $1.
The chief executive was returning the company to New Zealand ownership, with the sale is expected to be completed by 31 May.
“Our plan is to transition the ownership of Stuff to give staff a direct stake in the business as shareholders,” Boucher said in a statement.
“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 reports Nine will retain ownership of Stuff’s Petone printing plant site and lease it back to the media compamy. It will also receive an immediate and ongoing percentage of the proceeds from the sale of Stuff Fibre to Vocus, announced on 14 May.
More to come…
Source: rnz.co.nz Republished by arrangement.