New Zealand's Largest Media Company Sold For $1

Owned by Australia's Nine Entertainment, Stuff faced financial challenges before the coronavirus pandemic struck and has since seen advertising revenues plunge. 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. Stuff would be sold to CEO Sinead Boucher in a management buyout deal that will be completed by the end of the month. Boucher said she is purchasing Stuff through a limited liability company and is working through the details of a plan to transition the ownership by giving staff a direct stake as shareholders in the company. The deal brings to an end the efforts of rival media company NZME to buy Stuff. Boucher said she would look to increase revenues from online readers. Stuff last month set up an option for readers to donate money.