NZME Boardroom Battle: A Media Empire at a Crossroads

A High-Stakes Showdown

Buckle up for a dramatic 53 days at NZME, the media giant behind the NZ Herald, Newstalk ZB, BusinessDesk, and more. The company's annual shareholders meeting on April 29 is shaping up to be a high-noon showdown, with current board members fighting to retain their positions against a takeover bid orchestrated by investor James Grenon.

The Seeds of Discontent

Several factors are fueling this boardroom coup. Some shareholders are restless, believing NZME's value is underperforming. Whispers of discontent regarding the NZ Herald's editorial direction, particularly its alleged reliance on "clickbait," have also been circulating, initially surfacing in an Australian media report.

While initial speculation hinted at privatization, Grenon appears to be strategically maneuvering for a boardroom spill, garnering support from key players like Troy Bowker, executive chairman of Caniwi Capital Partners, a significant NZME shareholder.

Grenon's Allies and the Mystery Nominees

While Grenon's full slate of board nominees remains shrouded in secrecy, several potential allies have emerged. Among them are Philip Crump, a lawyer and former editor of ZB Plus, a now-defunct digital platform associated with Newstalk ZB, providing him with insider knowledge of NZME's news operations.

The stance of NZME's largest shareholder, Australia's Spheria Asset Management, remains a crucial unknown. Their influence could tip the scales in this power struggle.

A Global Trend of Billionaire Influence

Grenon's actions mirror a global trend of billionaire owners exerting their influence on media organizations. From Jeff Bezos at the Washington Post to Elon Musk's radical transformation of X (formerly Twitter), the landscape of media ownership is shifting dramatically.

Speculation suggests that a successful takeover by Grenon could lead to significant restructuring at the NZ Herald, potentially involving Australian media consultants. Names like Michael Anderson, former oOh! Media chairman, and Ian Audsley, ex-MediaWorks executive, have been floated as possible candidates to reshape the company.

Who is Jim Grenon?

The enigmatic Grenon, a Canadian-born investor with a background in law and finance, has yet to publicly articulate his vision for NZME. However, past comments hint at a desire for independent media voices and a skepticism towards "legacy media." Grenon's ownership of a multi-million dollar home in Takapuna underscores his significant financial resources.

“We wanted to cut through the policy-wonk weasel words, buzz phrases and talking points and explain to the voting public what was really being said," Grenon stated in a previous article on the now-defunct Centrist website.

Polarizing Reactions

Grenon's moves have ignited passionate reactions across the political spectrum. Right-wing influencer Chantelle Baker expressed excitement about potential changes, while left-wing commentators like Martyn Bradbury voiced concerns over right-wing influence.

Academic Dr Sanjana Hattotuwa, in an unpublished research paper, cautions about the potential impact on editorial direction and content priorities. He highlights The Centrist’s previous content, which often questioned climate science, Treaty of Waitangi interpretations, and Covid-19 public health measures, raising questions about Grenon's ideological leanings.

Other Media Maneuvers

Meanwhile, other significant developments are afoot in the New Zealand media landscape. TVNZ is searching for a new Chief News and Content Officer, a pivotal role attracting high-profile candidates. The film industry is celebrating the box office success of Tinā, and Sky Originals is adapting Tom Sainsbury's popular podcast, Small Town Scandal, into a comedy series.

The NZ Herald maintains its print dominance, according to recent Nielsen readership results. However, the digital battle is far tighter, with Stuff's website edging out the NZ Herald in unique monthly audience figures.