NZME’s failure to persuade the High Court that there was life left in its attempt to acquire Stuff has ended that bid but leaves a pall of uncertainty over our largest media company.
Nine Entertainment made soothing noises in the wake of Justice Katz’s refusal to grant an interim injunction extending NZME’s period of exclusivity. It issued a statement in which it stated it would “…continue to operate Stuff and work for the best outcome for our audience, our people and the wider business.”
The key phrase in that statement is ‘the wider business’. Nine has told everyone who will listen that it wants out of the New Zealand market and the withdrawal by NZME of its Commerce Commission application (an effective end to its bid) does not change that. What has changed is that we now have no idea who the suitors for Stuff might be. Continue reading “No benefits in foreign ownership”