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NZME enters deal to buy BusinessDesk

New Zealand Herald publisher NZME has entered an agreement to buy business news website BusinessDesk for a deal worth up to $5 million. Under the conditional agreement, NZME will pay $3.5m cash for BusinessDesk .On completion of the sale, BusinessDesk’s

publisher, Content, will receive an additional up to $1.5m if targets are met by December 2023. BusinessDesk

launched as a business newswire in 2008. Last year, it launched a paid news service, which has more than 10,000 digital subscribers. The transaction is expected to be completed in the first part of next year. The BusinessDesk brand will continue as a subscription offering. In a statement to the NZX yesterday, NZME chief executive Michael Boggs said all BusinessDesk staff would be offered roles with NZME. BusinessDesk journalists Brian Gaynor, Pattrick Smellie, Paul McBeth and Matthew Martel are Content directors and majority shareholders. Other BusinessDesk journalists hold minor stakes in the company.

Business

en-nz

2021-12-01T08:00:00.0000000Z

2021-12-01T08:00:00.0000000Z

https://stuff.pressreader.com/article/281715502893917

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