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Sunday, March 25, 2018

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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.

Affected papers:

Avenues Waikato Farmer Admire Marlborough NZ Dairy Farmer Discover Magazine Selwyn and Ashburton Outlook Admire Nelson Hastings Mail Christchurch Mail Napier Mail The Tribune Kaikoura Star Invercargill Eye Auto Xtra South Canterbury Herald Clutha Leader Waiheke Marketplace NewsLink Wairarapa News Queenstown Mirror NZ Farmer Waitaki Herald Canterbury Farmer North Waikato News Central District Farmer Rotorua Review Otago Southland Farmer Ruapehu Press


 - Stuff





Posted on 03-03-2018 14:18 | By socantor01

So much for the provision of news for all. I really appreciate the local views that my local paper brings as they are totally absent from Stuff or NZ Herald.
Think about it...

Posted on 22-02-2018 12:03 | By If only

This move will more than likely increase the viability of the STUFF business and certainly profitability so she (the CEO) will probably get a nice bonus and pay increase (fair enough too). If the individual papers being let go are themselves viable someone else will snap them up. That’s business !!

Posted on 22-02-2018 08:34 | By dumbkof2

will the ceo salary go down now. i bet it dos’nt

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