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- Rethinking trade waste
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- Prepping for tonight’s high tide
- Evacuations and road closures
- Serious crash in Coromandel
- Sister’s plea: help find my brother
- Waihi high hazard zone ground movement
- Civil Defence issues tsunami warning
- Red Fox cold case re-opens
- Four dead, two injured in Waikato crash
Stuff to sell or close 28 print papers
Posted at 8:11am Thursday 22 Feb, 2018
Stuff is planning to sell or close some of its smaller community and rural papers.
Chief executive Sinead Boucher says 28 mastheads will be affected as part of Stuff’s strategy to grow its digital business.
She says the company is still working through plans for each title and briefings with staff will be held over coming weeks.
"We appreciate that this process creates a level of uncertainty for some people - and we will move as quickly as possible to provide them with clarity.”
About 60 staff could be affected.
"Changing the print portfolio has involved some tough decisions, but it is clear where the future of the business lies. The Stuff business is delivering strong digital revenue growth, benefiting from the growth of our new business ventures," says Sinead.
"This is providing some offset to ongoing print advertising challenges, however we need to continue to act decisively in transitioning our business model into an increasingly digital business.
"Our strategy is focused on achieving a business model where digital revenue growth outweighs declines in print - so we can maintain a strong national footprint to serve our New Zealand communities with our quality journalism, content and great experiences."
The sales or closures are expected to happen over the next six months.
Stuff reported its 2018 first-half financial results as part of Fairfax Media Group’s update to the Australian Securities Exchange on Wednesday.
It had 33 per cent growth in digital revenue, offset by a fall in print advertising. Overall revenue was down five per cent. Operating expenses were one per cent lower.
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