A new NZME shareholder

The Herald reports:

An Auckland-based Canadian billionaire previously linked to an alternative news venture has taken a substantial shareholding in NZME, the owner of the NZ Herald, Newstalk ZB and BusinessDesk.

In a release to the NZX today, private equity tycoon James Grenon has been listed as a substantial holder of NZME, with a total shareholding of 9.3%.

That makes him the third largest shareholder. It is a very significant stake.

BusinessDesk revealed in 2023 that Grenon – the founder of Calgary-based investment firm Tom Capital Management – was associated with an alternative news venture, The Centrist, and its sister website NZNE.

As BusinessDesk reported, “NZNE and its sister website, The Centrist, have emerged over the past year amid a proliferation of new media companies formed to challenge established ‘mainstream’ outlets, often targeting disaffected groups on the political fringes”.

The Centrist, as late as last month, was referencing commentary about recent NZME newsroom changes with a headline: “Is the Herald abandoning its role as a newspaper of record in favour of clickbait?”

This suggests that their new shareholder is not a fan of how the legacy media is performing. It makes his decision to buy shares all the more interesting. Is it purely a financial investment, or does he want to use his shareholding to try and change the Herald?

UPDATE: We have an answer. He is seeking to sack the entire board.