Media Insider podcast: Stuff’s Trade Me deal - will staff share in chief executive Sinead Boucher’s lucrative payday?; New NZME chair Steven Joyce opens up in first major interview
NZME chair Steven Joyce on his radio history (and pranks); editorial independence and the future of OneRoof. Video / NZ Herald
Steven Joyce sits down for his first major interview since becoming the chair of NZ Herald and Newstalk ZB owner NZME, and we ask Stuff owner Sinead Boucher whether her staff will also share in the rewards of this week’s Trade Me deal, as previously promised.
Boucher bought Stuff from Australia’s Nine Entertainment for a nominal $1 five years ago and spoke at the time of her intention to establish a staff share scheme.
That evolved, in 2021, to the establishment of a staff trust, controlled by employee representatives. The trust would own a 10% stake in the company, and the trust representatives would be selected by workers.
According to a news report in Stuff quoting Boucher at the time, the arrangement meant staff would receive through the trust a share of any dividends Stuff paid out, and 10 per cent of the sale proceeds if Stuff was later sold or listed.
Stuff owner and chief executive Sinead Boucher and Trade Me chief executive Anders Skoe. Photo / Michael Craig
Stuff reported at the time that the “gift” meant no workers would have to put any money into the media firm. “...and they will not face any liabilities, including tax liabilities, as can apply with traditional share ownership schemes”.
On today’s Media Insider podcast, we quiz Boucher about the staff trust - and whether workers will benefit from this week’s deal in which Trade Me has bought 50% of Stuff Digital.
Details of the price paid by Trade Me for the 50% stake have not been revealed- it is clearly likely to be in the millions, but the parties say the number is confidential.
Meanwhile, a Stuff spokesperson confirmed yesterday that the trust had been set up, with staff representatives.
Trade Me’s acquisition is a clear response to the increasing pressure it is under from NZME’s property platform, OneRoof.
Under the agreement, Stuff’s property section will become Trade Me Property, with listings, advertisements and some content shared across both platforms.
OneRoof has a similar content arrangement with the NZ Herald website and, in recent months, OneRoof has overtaken Trade Me Property in pure website audience terms. Trade Me Property (with an audience of 779,000) did take back the lead from OneRoof (747,000) in April.
New NZME chair Steven Joyce. Photo / Michael Craig
The announcement of the new deal came on the same day as NZME shareholders met to confirm a new board, led by a new chair, former National Party MP Steven Joyce.
Joyce sat down with Media Insider for this week’s feature podcast interview.
We discussed his own time in media, including the successful establishment and operation of a suite of radio stations, and some of the headline-grabbing acts of his staff at the time (including an infamous prank call to Paul Holmes that infuriated the ZB host).
We also quiz Joyce on how he defines editorial independence, the Herald’s own editorial endeavours, the Stuff/Trade Me deal, and where he sees OneRoof’s future.
He also has views on how best to level the playing field between New Zealand-owned media and the global social media and search giants.
Editor-at-Large Shayne Currie is one of New Zealand’s most experienced senior journalists and media leaders. He has held executive and senior editorial roles at NZME including Managing Editor, NZ Herald Editor and Herald on Sunday Editor and has a small shareholding in NZME.
