Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Herald purchase didn’t stack up for Sir Owen Glenn

Herald purchase didn’t stack up for Sir Owen Glenn

By Pam Graham

Jan 25 (BusinessDesk) -Multi-millionaire philanthropist Sir Owen Glenn was given the opportunity to bid for The New Zealand Herald last year but decided not to proceed.

"I was approached at the beginning of last year and I did look at it as an investment but the numbers didn't stack up," Glenn told BusinessDesk.

The former owner of OTS Logistics, who grew up in New Zealand, has funded a business school at Auckland University and a foundation with a goal of reducing child poverty, and gave $1 million to an appeal for Christchurch earthquake victims. He has also been embroiled in controversies over donations to the Labour and New Zealand First parties.

The Australian Financial Review has speculated that investors taking up a position in Fairfax, publisher of Wellington's Dominion Post and Christchurch's The Press newspapers, have an end game of merging its New Zealand assets with those owned by APN News & Media, publisher of the Herald, its flagship title in the country's largest city, Auckland.

APN announced late last year it was placing publishing businesses in Christchurch, Oamaru and Wellington on the market, and appointed Deutsche Bank last May to conduct a strategic review of its New Zealand assets after receiving approaches from potential buyers for some or all of them.

The future of newspapers is uncertain as readers increasingly news on phones and computers, and in New Zealand it's particularly uncertain because APN and Fairfax are in play.

The ASX-listed companies own all the daily newspapers in New Zealand, bar a handful of independents, and have extensive magazine, digital and radio interests.

The share prices of both companies plunged to historic lows last year and both announced massive writedowns on their mastheads, but both have showed some recovery since late last year.

APN was trading on the ASX today at 30 Australian cents, up 15.38 percent in the last month, despite being 59.73 percent lower than it was a year ago.

Fairfax shares were trading at 54 Australian cents, up 38.16 percent in the last three months, albeit still 30.92 percent lower than their value 12 months ago.

Meanwhile, the Herald's editor-in-chief, Tim Murphy, says he is not letting the largest newspaper in the country play second fiddle to digital platforms.

The New Zealand Herald will not be adopting a "digital-first" approach like that announced this week by the Financial Times, he says in the newspaper's media column today.

FT editor-in-chief Lionel Barber this week talked of a "newspaper second" approach as he reshuffled resources from night work to day work and from print to digital and foreshadowed redundancies on the print side of the paper's operations.

"We need to ensure that we are serving a digital platform first, and a newspaper second. This is a big cultural shift for the FT that is only likely to be achieved with further structural change," Barber said.

He encouraged people wanting to leave the paper to step forward.

The NZ Herald is combining news gathering currently undertaken by separate print and digital teams, and online strategic projects are under digital editor-in-chief Jeremy Rees.

Rees posted on the Kiwi Journalists Association Facebook page that "the story remains fundamental" and talk of "digital-first" mistakenly implied that the platform for delivering the news was more important than the news itself.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Cyclone Cook: Round Up Of This Week’s Weather

One of the significant impacts this week was flooding due to excessive rainfall amounts. Rainfall amounts topped out at 350mm over the past 60 hours in parts of northwest Nelson, with 200mm+ measurements recorded about Coromandel Peninsula, and between 150-200mm in the Kaimai Ranges. Rainfall amounts of between 30-50mm were commonplace elsewhere. More>>

ALSO:

Earlier: Batten Down The Hatches For Cyclone Cook

Although fast-moving, Cyclone Cook will be destructive and MetService Expert Meteorologists have issued Severe Wind Warnings for the whole of the North Island apart from Northland... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news