Its investment committee trio includes controversial figure Murray Osmond, who attained a masters in law following a term in imprisonment for defrauding a finance company of $1 million in 2004. After a failed appeal, he was given a prison sentence of two years and nine months.
When approached for comment on its interest in the Bauer business, Delta issued a response via investment committee member Zachary Star.
"We adopt a firm blanket policy of neither confirming nor denying any rumour relating to any possible acquisition, whether we actually have an interest in the target or not," Star told the Herald.
"If we do have an announcement to make, I will make sure to provide you with a release and answer questions individually if I can."
Despite being coy on Delta's interests in the Bauer titles, the company launched a subsidiary called Delta Media on April 3 – the day after the German giant announced it was pulling out of New Zealand. Whether this is simply a coincidence or a signal of intent is still unclear at this stage.
Asked for the rationale behind the new arm of the business, Star pointed to the changes happening in the media space.
"Consolidation is now the key to investment in New Zealand media," he said.
"Delta Media sees the bringing together of iconic New Zealand brands and fantastic Kiwi talent as fundamental to a vibrant and continuing fourth estate that remains well-resourced and credible."
The wait goes on
The latest speculation will do little to appease those who have long worked in the magazine industry.
In a letter addressed to members this week, Magazine Publishers Association chief executive Sally Duggan said she still does not know who is going to buy the Bauer titles.
"There are still rumours about a single white-knight buyer swooping in and taking the whole lot," Duggan said.
"But most people I talk to are betting that our post-Bauer industry will be more fragmented – and increasingly they're saying that might just be a good thing."
It is understood that accountancy firm EY, commissioned to offload the titles, was hoping to find a single buyer for the full collection of publications or sell them in four groups (current affairs, women's interest, home and food).
EY is yet to respond to any requests for comment.
Former Bauer chief executive Paul Dykzeul is understood to have some involvement in the sales process.
Asked this week whether there had been any development on a potential sale, Dykzeul said he has heard no updates over the past few weeks.
This ultimately leaves the future of all these publications up in the air. And the problem is that the staff who previously worked on the titles can't hang around indefinitely, waiting for a deal to fall out of the sky.
Many of the former editors and journalists are already moving on by starting new initiatives. During lockdown, former Metro editor Henry Oliver collaborated with his former co-workers on a one-off e-zine called Essential Services.
Looking to launch something a little more permanent, former Home editor Simon Farrell-Green is taking a punt with the launch of architecture-themed print publication Here, which he hopes will fill the gap created by the absence of Home, Urbis and Houses.
Farrell-Green told the Herald that a fundraising campaign on Boosted attracted more than $20,000 in support, which has gone toward creating the first edition of the publication, which is set to hit supermarket shelves on June 22.
He's currently running the fledgling business from his porch in Kingsland, but he's optimistic that the community of architects and designers who have long been loyal to his work will pick up the new title.
Elsewhere, some of the staff behind New Zealand Woman's Weekly, The Australian Woman's Weekly and Next magazine have kicked off a new online lifestyle publication called Capsule. And a handful of the writers, illustrators and designers behind Metro, North & South and the Listener started creative agency Design & Type, which focuses on helping businesses stand out online.
The point here is that it is becoming increasingly apparent that the staff who made the Bauer titles household names are moving on and doing their own thing. This could leave the prospective purchasers buying little more than a masthead with no one to actually keep it going.
And if you want to know the value of good editor, just ask loyal readers who have had to endure someone they loved being replaced by a new face. It takes some getting used to.
Some of the staff might, of course, be coaxed back to the publications they poured their blood into, but there are no guarantees.
Who, after all, would want to again deal with the anxiety of working for an entity that might not exist tomorrow?
