NZME Stock Market Run on hold
Following yesterday’s results for APN, the Australian parent of NZME has put the brakes on launching the New Zealand operation on the stock exchange.
Back last year, APN was fleshing out options of putting upwards of 60% of NZME on the NZX, after it formed the new company to house all its NZ media assets in print, radio and online. APN announced yesterday that it has decided to put off any sale for a year until the full the benefits of the integration will be evident.
“Through the formation of NZME, we have identified significant revenue and cost savings opportunities. We are encourage by the progress NZME’s newly installed management team, led by Jane Hastings, has made and are confident in its ability to accelerate the benefits from this integration process”, said APN CEO Michael Miller.
NZME operates 8 radio brands and they are planning to move all their radio, newspaper and online operations into a single building in Auckland; "opening up even more synergistic opportunities".
You can read more on APN’s results here.