Trade Me deal with Stuff
The Stuff Group and Trade Me are joining forces with the latter set to take a 50 per cent stake in Stuff Digital Ltd.
Anders Skoe, chief executive of Trade Me, says the deal brings together “two highly successful” brands.
He adds: “This is an exciting investment to accelerate our growth by connecting with more Kiwis to help them live the life they’ve always dreamed of.”
Sinead Boucher, owner and publisher of the Stuff Group, says the investment in Stuff Digital has a symmetry given the organisations’ “shared history, values and commitment to making an impact in the lives of New Zealanders”.
“This is the first time since the management buy-out of Stuff five years ago that I’ve accepted an equity partner into the business,” adds Boucher, pictured above with Skoe.
“It was important to me that we found the right partner at the right time in our growth strategy, protecting our fiercely independent media business.
“Trade Me is that partner – a great Kiwi success story with the largest property and motoring audiences in New Zealand.
“Combined with the largest digital news audience in the country, this deal provides for brilliant new opportunities together and, for Stuff Group, continued investment in technology and talent for the future.”
Skoe says the acquisition marks an exciting next chapter for Trade Me. “Stuff’s mission to have a positive impact on New Zealanders’ lives aligns with our purpose of connecting Kiwis.”
He adds the advantages of the deal were clear from the outset, particularly for Trade Me Property customers.
“This acquisition will enable vendors and agents to reach an even wider pool of prospective buyers while empowering buyers with every resource to navigate the property market with confidence.
“Together, we can generate the highest quality property-market insights and keep all of Aotearoa informed. This will not only strengthen our existing offering, but enable us to continue to play a pivotal role in the property journey.”
Under the agreement, Stuff’s property section will become Trade Me Property branded with listings, adverts and some content shared across both platforms.
Boucher describes editorial independence and integrity as “intrinsic” to Stuff, and Trade Me is committed to upholding Stuff’s editorial code of ethics and practice.
She will chair the new Stuff Digital Ltd Board, which will include Skoe, with equal representation from both organisations.
Stuff will retain operational control of the business through the chair’s casting vote. The 50 per cent stake in Stuff Digital excludes Stuff Group’s Masthead Publishing business, Events and Neighbourly.
The deal is subject to some standard conditions and expected to be completed within the next few months. Financial details of the investment remain confidential.
