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NZME makes offer to buy rival Stuff for $1

Media group NZME has made an offer to buy rival Stuff for a nominal $1.

Photo: RNZ

It has applied for Commerce Commission approval and seeks special legislation from the government by end of the month.

The commission has previously declined clearance for a merger of the two companies, saying it would substantially lessen competition, both for advertisers and readers.

Last month NZME announced 200 jobs would go as a cost-saving response to the Covid-19 downturn.

Stuff also asked its employees to take a pay cut.

NZME says the acquisition of Stuff would lower the costs of producing news, and ensure a committed local news media outlet into the future.

Between them, NZME and Stuff own most of the country's newspapers, and NZME also operates a network of commercial radio stations.

Stuff is currently owned by the Australian TV Channel Nine.

More to come...

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