NZME board takeover bid

The story so far

Canadian billionaire Jim Grenon, who holds a 9.3% stake in NZME, has proposed removing all current NZME directors and appointing four new ones, including himself.^{6, 18 Mar 2025} The union representing NZME journalists expressed deep concern about the overhaul, and union members sent an open letter to the board and Grenon seeking a public commitment to editorial independence and a meeting.^{6, 13 Mar 2025} The Takeovers Panel is investigating whether shareholders are acting in concert to remove the board, following Grenon's purchase of the stake for over $9 million.^{18 Mar 2025} NZME's talks to buy Stuff's mastheads were paused because of the takeover bid, and both companies are seeking leave to appeal a High Court decision that blocked their merger.^{21 Mar 2025} Grenon has said he would include NZME CEO Michael Boggs on a new board to secure his election as chair, and he believes he has the necessary support.^{26 Mar 2025} The NZME board is resisting the plan, citing risks to editorial control, and has postponed its annual shareholders meeting until June.^{31 Mar 2025}

Latest

NZME has postponed its annual shareholders meeting until June because of the takeover proposal.^{31 Mar 2025} The board is resisting Grenon's plan to remove current directors and install himself.^{31 Mar 2025}

What's next

NZME's annual shareholders meeting has been postponed until June.^{31 Mar 2025}

Key moments

1. 6 Mar 2025Grenon proposes replacing all NZME directors with four new ones, including himself.
2. 13 Mar 2025Union members write open letter seeking editorial independence commitment and a meeting with Grenon.
3. 18 Mar 2025Takeovers Panel investigates whether shareholders are acting in concert to remove the board.
4. 21 Mar 2025NZME pauses talks to buy Stuff mastheads amid the board takeover bid.
5. 26 Mar 2025Grenon offers to include CEO Michael Boggs on a new board to become chair.
6. 31 Mar 2025NZME board resists takeover over editorial control concerns and delays shareholders meeting to June.

Written from the stories below; each sentence links to its sources.