CEO buying struggling New Zealand media company for $1

One of New Zealand’s largest media organizations is being sold for a single dollar to its chief executive, the owners announced Monday.

The organization Stuff prints many of the nation’s daily newspapers and runs a popular news website of the same name. It employs about 900 staff, including 400 journalists.

Owned by Australia’s Nine Entertainment, Stuff faced financial challenges before the coronavirus pandemic struck and has since seen advertising revenues plunge.

In a statement to the Australian stock market, Nine said Stuff would be sold to CEO Sinead Boucher in a management buyout deal that will be completed by the end of the month.

“We have always said that we believe it is important for Stuff to have local ownership and it is our firm view that this is the best outcome for competition and consumers in New Zealand,” said Hugh Marks, the CEO of Nine.

Boucher said she’s been “blown away” by the positive feedback she’s been receiving about the purchase.

“I feel really happy, relieved and proud. It’s been a really intense couple of weeks getting to the finish line,” she said.

Boucher, 49, began her career as a reporter for The Press newspaper in Christchurch and later helped lead some of the company’s digital innovations.

She said she has no immediate plans for any staff reductions or newspaper closures, although added the ownership change isn’t a silver bullet to cure the issues that Stuff and other media companies are facing.

Boucher said she would look to increase revenues from online readers. Stuff last month set up an option for readers to donate money. (AP)