Boucher buys Stuff for $1
Bold, brave and positive are some of the words being used to describe a management buyout of Stuff by the company’s chief executive Sinead Boucher.
Boucher has bought Stuff from its Australian owners Nine Entertainment for $1, ending months of speculation about a potential takeover.
She has signalled plans to develop an ownership model that would give staff a shareholding stake in the business.
Broadcasting Minister Kris Faafoi said the deal ‘‘maintains plurality and competition in New Zealand’s news media, as well as making Stuff New Zealand-owned again’’.
‘‘This is a bold move by Sinead and demonstrates her passion and commitment, both as a journalist and as chief executive of Stuff,’’ he said.
There is speculation that bringing Stuff back into local ownership could make it more politically palatable for the Government to put together a more comprehensive package of aid for the media sector that included Stuff.
‘‘In terms of the Government’s further long-term strategy to support New Zealand’s media sector and ensure a strong, sustainable, independent and diverse news media, we are continuing to work through the details with the aim of having more to say on that in the coming weeks,’’ Faafoi said.
Myles Thomas, director of lobby group Better Public Media, said the management buyout sounded like it had a lot of potential.
‘‘A news organisation owned by its staff is a really interesting idea – kind of like a co-operative almost
– if that is what is being proposed. ‘‘There are a lot of positives. Is it going to work though, that is the big challenge I guess. I really admire the bravery involved.’’
Thomas doubted local ownership would influence the Government when it planned support for the sector.
‘‘The Government and NZ On Air has no qualms about giving money to foreign-owned media companies. Most television companies in New Zealand are foreign-owned now.’’
Stuff rival NZME had wanted to buy Stuff for $1, before Nine broke off negotiations.
NZME chief executive Michael Boggs said it believed a buyer ‘‘who will protect jobs, newsrooms and mastheads would be a positive outcome for New Zealand media and New Zealanders’’.
‘‘Many of us at NZME have enjoyed a constructive working relationship with Sinead over the
years and all of us at NZME wish her the very best with this initiative,’’ he said.
The management buyout led by Boucher is understood to have
been planned and executed very quickly, with the chief executive buying the company for a direct price of $1, and returning the company to New Zealand ownership.