Stuff Digital, the publisher of one of New Zealand’s largest news websites, is set to become half-owned by Trade Me.
The value for the 50% stake being purchased has not been revealed.
As part of the agreement, Stuff’s property section will be rebranded as Trade Me Property, with listings, advertisements, and certain content shared between the two platforms.
The deal specifically excludes the Stuff Group’s Masthead Publishing division, which encompasses newspaper titles such as The Post, The Press, the Sunday Star Times, and various magazine brands.
The group’s events and neighbourly businesses are also not included in the deal.
Sinead Boucher, owner and publisher of Stuff Group, will lead a newly formed board featuring equal representation from both companies.
For Boucher, the agreement “provides for brilliant new opportunities together, and for Stuff Group, continued investment in technology and talent for the future.”
“It was important to me that we found the right partner at the right time in our growth strategy, protecting our fiercely independent media business.”
Stuff Digital operates the Stuff.co.nz website and produces the nightly television bulletin ThreeNews, which replaced Newshub on TV3 last year.
In an interview released this morning, Boucher confirmed that Stuff’s 6pm bulletin, produced under contract, will continue.
Meanwhile, Trade Me chief executive Anders Skoe said the benefits of the deal were evident from the beginning, especially for customers of Trade Me Property.
“This acquisition will enable vendors and agents to reach an even wider pool of prospective buyers while empowering buyers with every resource to navigate the property market with confidence,” Skoe stated.
“Together, we can generate the highest quality property market insights and keep all of Aotearoa informed.”
“This will not only strengthen our existing offering, but enable us to continue to play a pivotal role in the Kiwi property journey.“