Trade publisher 3media in receivership

The Bank of New Zealand yesterday appointed a receiver to 3media - the country's largest trade magazine publisher with 15 titles.

The company - owned by industry veterans Reg Birchfield, Peter Mitchell and Raymond Little - went into voluntary liquidation on Friday. Receivers Korda Mentha will run the firm which hoped to sell off titles while in liquidation.

Before Friday's announcement 3media had been in talks with HB Media and it is understood at least five companies have indicated interest.

There has been speculation that Tangible Media - which recently took over Real Groove, Dish magazine and others - has been suggested as a likely bidder.

However, Tangible chief executive David Atkins said yesterday it was "probably not" interested in any of 3media mastheads.

3media - whose 15 titles include NZ Marketing, New Zealand Management, Ad Media, On Film and FMCG - had indicated that liquidation would assist sale of titles.

Gerry Rea said it would be "business as usual for the majority of employees until the sale of the portfolio was completed".

HB Media - whose titles include Idealog and Good magazines - confirmed that it had been in discussions. Business director Martin Bell said that due to developments on Friday it would be interested in specific titles.

3media was formed in February 2007 from Profile Publishing, Review Publishing and Marketplace Press.