NZME, owner of the New Zealand Herald and Newstalk ZB, said in a statement to the NZX on Monday morning that it was seeking urgent legislation to allow it to buy rival publisher Stuff “for $1″by the end of May.
But Stuff owner Nine said in a release to the ASX that while Nine had had discussions with NZME regarding the acquisition of Stuff, “Nine has notified NZME that it has terminated further engagement with NZME”.
Fascinating that NZME thinks Stuff is only worth $1.
They seem to have shat in their own nest with their statement, as Nine have now told them to go away.
The idea of the Government passing a special law to allow the two main print media companies to merge is abhorrent. This would create one mega company that would be politically beholden to the Government.