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New Zealand media market struggling; giant Stuff Limited sold for one dollar

Pakistan News & Features Services The ailing New Zealand media market witnessed giant Stuff Limited was sold in a management buy-out deal for the symbolic fee of NZ$1.00 (US$0.61), according to an announcement made by the group's Australian owners Nine Entertainment on May 25. Stuff Limited, operating New Zealand's most popular news website, stuff.co.nz, besides popular entities like Wellington's Dominion Post and the Christchurch Press, will be taken over by none other than its own chief executive, Sinead Boucher.  "The sale of Stuff is expected to (be) complete by May 31," Nine communicated in its statement to the Australian stock exchange. Boucher, who had joined the company as a reporter in 1993 and spent most of her career at same organization, described the event as a new era for Stuff. "It is great to take control of our own future with the move to local ownership and the opportunity to build further on the trust of New Zealanders, who turn to us f...
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