German-owned Bauer Media NZ has announced it will discontinue its New Zealand operations.
Brendon Hill, chief executive of Bauer Media NZ, informed staff this morning. He said, “We understand the New Zealand government’s decision to move to Covid-19 Level 4, but it has put our business in an untenable position. Publishing in New Zealand is very dependent on advertising revenue and it is highly unlikely that demand will ever return to pre-crisis levels.”
A statement from Bauer Media said the firm carried out an urgent review of its New Zealand operations and considered all options to keep part or all the business open, including engaging with the New Zealand Government.
The company has begun a search for buyers interested in its New Zealand assets, which includes The New Zealand Listener, Kia Ora, North & South, Metro, Home NZ, Your Home & Garden, NZ Woman’s Day, New Zealand Woman’s Weekly, The Australian Women’s Weekly NZ, and Fashion Quarterly.
Bauer Media Group said that it will provide funding to enable all staff to be paid their full redundancy and leave entitlements.
Hill added: “I would like to recognise the impact that this decision will have on our suppliers, customers and the wider publishing industry. This is a very difficult time for the entire media industry.”
