14 May 2020

Stuff to sell fibre business to Australian company

11:24 am on 14 May 2020

Media company Stuff is to sell its fibre arm to Australian telecommunications company Vocus for an undisclosed sum.

The Commerce Commission has declined a merger which would have created New Zealand’s biggest news media company
Fairfax Media NZ, Stuff.co.nz, 
NZME, NZ Herald.

Photo: RNZ/ Brad White

Stuff has been the subject of persistent speculation about its future and a possible merger with NZME but earlier this week it said no deal had been done, while NZME insisted a deal was still on the cards and it was seeking permission to buy Stuff for a nominal $1.

Stuff Fibre has 20,000 broadband customers.

Chief executive Sinead Boucher said the company started Stuff Fibre in 2016 to help launch new businesses and supercharge their growth.

She said that approach had proved successful and Stuff would keep seeking opportunities to do the same in the future.

Stuff employees were last month asked to take a 12-week pay cut because of the impact of the Covid-19 crisis.