NZME's Newstalk ZB is the highest rating commercial radio station, with a line-up of hosts including Ryan Bridge, Mike Hosking and Heather Du Plessis-Allan. Photo montage / Oliver Rusden
Who is the Canadian billionaire wanting a cleanout of NZ Herald and Newstalk ZB owner NZME’s boardroom? Plus: New names linked to top TVNZ news role; Kiwi film Tinā smashes the box office; Tom Sainsbury’s hit podcast moves to TV.
Several dozen NZ Herald journalists gathered at their favourite watering hole in central Auckland on Thursday evening, farewelling colleagues who had opted to take voluntary redundancy in the latest round of newsroom cuts.
But discussions about those leaving NZME soon turned to more urgent and pointed chatter about the future of the company and those still there, with the announcement a couple of hours earlier that a new billionaire investor, Auckland-based Canadian businessman Jim Grenon, wants a cleanout of Herald owner NZME’s board.
Grenon appears to have already mustered sizeable support, with indications so far that 37% of NZME’s shareholders back his push for four new directors for the publicly-listed company - the fifth spot would be filled by an existing board member, chosen by the other four.
NZME - which also owns Newstalk ZB, BusinessDesk, OneRoof, and a suite of entertainment radio stations and regional newspapers - is bracing for an unsettling and future-defining 53 days ahead.
It will be high noon at the company’s annual shareholders meeting on April 29 as chair Barbara Chapman, and board directors Carol Campbell, David Gibson, Guy Horrocks and Sussan Turner fight for their futures and the likely future shape and direction of the business.
There appear to be some key drivers behind the boardroom takeover bid, including irritation among some shareholders who feel that NZME’s value is not where it should be and rumblings - which first emerged last month in a report in the Australian - about the Herald’s so-called “clickbait” editorial content.
That report suggested NZME might be privatised but Grenon appears to have instead been building support for a boardroom spill.
Although NZME has yet to name the other three people who sit alongside Grenon as new nominations for the company’s board, there are a number of supporters in the wings.
These include Troy Bowker, the executive chairman of Caniwi Capital Partners Ltd, another of NZME’s listed shareholders. “I will be supporting Mr Grenon’s proposal at the AGM in full and my company [currently] has voting rights for 6,600,000 shares, some of which are held in our name, some in nominee accounts,” Bowker told Media Insider on Thursday.
He did not say whether he was one of the board nominations, referring Media Insider to NZME.
Questions to a representative of NZME’s biggest shareholder, Australia’s Spheria Asset Management - which owns just over 19% of the company - have so far not been answered; there is little doubt that firm will play a critical role.
Another substantial shareholder, Osmium Partners - which owns 6.57% of the company - has filed nominations for the appointment of two new directors, separate from Grenon’s proposed nominees.
Another linked to Grenon’s boardroom moves is Philip Crump, the lawyer, blogger and commentator who shot to prominence on Twitter (now X) through his pen name Thomas Cranmer. He is now an NZ on Air board member and a Waitangi Tribunal member. He returned a message yesterday: “No comment at present.”
Crump has intimate knowledge of the integrated NZ Herald/Newstalk ZB newsroom, having been stationed in it for about nine months as the founding editor of ZB Plus - the digital subscription brand that launched in September 2023.
Its goal was to build on the audio success of Newstalk ZB, with a stable of mainly right-of-centre columnists, while also developing issues of the day from the Mike Hosking Breakfast and Heather Du Plessis Allan Drive shows. By June 2024, ZB Plus had ended as a standalone subscription brand; some of its content was blended into the overall NZ Herald offering.
Grenon’s boardroom moves come amid a backdrop of billionaire owners starting to make an impact on their content businesses globally. Amazon founder and Washington Post owner Jeff Bezos is now asserting direction over the , opinion pages while X owner Elon Musk has made radical changes at the company-formerly-known-as-Twitter, including looser moderation policies.
The Australian reported overnight that if a boardroom spill is successful come April 29, the move would likely be followed “by the appointment of consultants to assess how to shake up the country’s flagship newspaper”, the NZ Herald.
“Australian media experts with previous experience in the New Zealand media industry could be tapped for positions to reshape the company,” reported The Australian’s Bridget Carter.
“Among the obvious candidates are Michael Anderson, the former oOh! Media chairman and Austero CEO, who also ran New Zealand media company Mediaworks for a period. Another is ex-MediaWorks executive director and former Prime Media Group boss Ian Audsley.”
The report said it was still early days, and they were unlikely to have yet been approached.
NZME announced last week that it was conducting a strategic review of its property portal OneRoof, with one possibility of a partial sale - that went down well with the market, with the share price jumping from $1.04 to $1.20 that day. It is conceivable that part of Grenon’s moves may see OneRoof spun off, realising a true, higher value for shareholders, while he and other interests retain the publishing and audio divisions.
Just who is Jim Grenon, and what is his motivation?
He is yet to speak publicly about his NZME plans - he has indicated he will do so at some stage - but comments he made last April on the media platform that he owned at the time, the alternative Centrist website, highlight some of his views about the direction of mainstream media.
Referring to the launch of his NZ News Essentials (NZNE) company and then the Centrist, he said in the article: “... we felt there was too much misrepresentation, double-speak and omission in politics and the more compliant elements of the legacy media.
“We wanted to cut through the policy-wonk weasel words, buzz phrases and talking points and explain to the voting public what was really being said. In the last two years, we’ve moved to an operational newsroom generating original content. We are ramping up at a time when many media are throwing up paywalls or going under.
“Yes, it costs, but we have a business model we are working towards and we think independent voices in the media are an important public interest.”
The article and Grenon’s comments came in response to an appearance on The Platform of the Centrist’s managing editor, Tameem Barakat. He was quizzed at length by The Platform host Sean Plunket about who was backing the Centrist.
“Tameem refused to breach my personal privacy without discussing it with me first,” Grenon said in the article on Centrist, “but had The Platform let us know they wanted to go there when they first invited us, it wouldn’t have been a problem.
“My involvement with the Centrist is a matter of public record through our filings with the Companies Office and some articles in both the NZ Herald and, indeed, our own publication last year.”
In response to on-air comments by Plunket, speculating about who was backing Centrist, Grenon said in the article: “... we’re not working for the Russians, or the Atlas Network or George Soros. Although some of us migrated here from Canada, New Zealand is now our home.”
Grenon said in the article that he accepted that some people might not know “our back story”.
“Tameem Barakat and I are both originally from Canada but we have New Zealand family and we are both long-term permanent residents here. Our kids have been educated here, and we are some of the one in three New Zealanders who were born overseas.”
Grenon moved to New Zealand in 2012 and owns one of the country’s most expensive houses, a $19.5 million home in Takapuna on Auckland’s North Shore.
He founded Calgary-based investment firm Tom Capital Management (TOM); its website lists him as founder and advisor.
Among the company’s investments, according to its website, are a mid-western US property company that renovates shopping malls; a residential property developer in Canada and a heavy industrial manufacturer based in Alberta.
BusinessDesk previously reported that Grenon completed a law degree at the University of Manitoba in 1980. He practised briefly as a lawyer before pursuing corporate and finance interests. The business website reported he had gained significant wealth from the early stages of the oil and gas industry and had a penchant for in-depth study of tax law “and, it would appear, for litigation”.
Grenon, whose 9.3% stake in NZME was announced earlier this week, is no longer listed as a shareholder and director of Centrist, with those roles assumed by Barakat in 2023.
The earlier notice to the NZX said: “These shares are being purchased for investment purposes. There is no current intention to make a takeover bid.”
Grenon’s moves are certainly exercising the minds of journalists, academics, researchers and right- and left-wing protagonists.
Right-wing social media influencer Chantelle Baker said on X that Grenon’s investment “has to be the biggest and most important piece of news to change the face of MSM in New Zealand”.
She was “absolutely beyond excited” to see changes coming for the NZ Herald.
She also confirmed in a follow-up post that Grenon and Centrist had assisted her in a defamation action against the NZ Herald in 2023, which led to an article being amended, and the Herald expressing its regret. She said she’d received a significant financial sum from the Herald, although NZME has not given any indication of the size of that sum.
Baker is also reportedly being supported by Grenon and Centrist in an ongoing defamation claim against Stuff over the Fire and Fury documentary.
Baker did not return calls or respond to a message this week, but her father Leighton Baker, the former leader of the Conservative Party, said he’d met Grenon once, at a casual dinner in Christchurch with Chantelle.
“He seemed like a really nice guy - genuine. He talked a wee bit about his background, what he had done and where he had come from. He was very personable and easy to talk to. He’s not putting on airs or anything. He fit into the Kiwi attitude quite well, I thought.”
At the other end of the political spectrum, operators such as The Daily Blog’s Martyn Bradbury described Grenon’s NZME investment as “deeply concerning”.
It was, he said, “the latest move by Alt-right astroturfers and wealthy right-wingers feeling emboldened by Trump’s victory and ACT’s race-baiting to ‘go there’.”
Academic Dr Sanjana Hattotuwa believes Grenon’s stake “could impact editorial direction and content priorities”.
“As the former director and shareholder of The Centrist - a publication with clear ideological leanings despite its name - his investment raises questions about potential influence on NZME’s major outlets like the NZ Herald and Newstalk ZB,” Hattotuwa has said in a new, unpublished research and analysis paper.
Hattotuwa, a researcher who previously worked for The Disinformation Project, is himself the subject of a defamation case being brought against him and TVNZ by Stop Co-Governance leader Julian Batchelor over comments Hattotuwa made during a 6pm news bulletin.
Batchelor’s legal action is also reportedly being supported by Centrist and Grenon.
Hattotuwa’s latest analysis was completed before news of the proposed new NZME board nominations.
It says while Grenon’s 9.3% shareholding did not constitute a controlling interest, minority shareholders could “exert influence” through several mechanisms.
“First, Grenon could seek board representation, enabling him to participate in high-level strategic decisions, including editorial appointments and content priorities.
“Even without a board seat, significant shareholders often gain access to senior management, creating informal channels to advocate for particular perspectives or coverage areas.”
NZME’s recent financial position might also enhance a major investor’s leverage, he said.
Hattotuwa referred to NZME’s investor presentation last week that touched on a new editorial series with its intention to “set a new tone for New Zealand” by “sharing stories of success” and “improving the tone of conversation”.
He said that shift appeared to align “with the content approach evident in Grenon’s previous media ventures”.
“The Centrist, despite its name suggesting political neutrality, has consistently promoted specific narratives questioning climate science, challenging Treaty of Waitangi interpretations, criticising co-governance arrangements, expressing scepticism toward transgender rights, and questioning Covid-19 public health measures.”
Meanwhile, former Act MP and free-speech advocate Stephen Franks, an NZME shareholder, told BusinessDesk that there had been shareholder disquiet about NZME for a long time, including from former politicians who he would not name.
The business website quoted him as saying he felt the NZME board was capitulating to management because it had been turning down advertising, such as that for Hobson’s Choice, due to “political preferences”.
“I just formed the view the board was pathetic; management was telling them it had to go along with the mood of the newsroom and it would be too difficult to run particular ads.”
NZME announced Grenon’s moves to the NZX yesterday, as part of its disclosure responsibilities.
Chair Barbara Chapman says she will not be commenting.
Earlier this week, NZME chief executive Michael Boggs issued a statement, following news of Grenon’s 9.3% stake in the business.
“As a listed company on the NZX and ASX, NZME’s shareholding changes regularly due to trading of shares and changes in shareholders,” he said at the time.
“When a shareholder becomes a significant holder [over 5%] they have to notify the exchange, and for every 1% movement thereon in. Through our investor relations programme we regularly engage with shareholders but have had no interaction with Mr Grenon to date.
“As a public company, NZME is governed by an independent board of directors who must act in the best interests of the company and all shareholders.”
Boggs updated staff yesterday with news of the new board nominations; aside from Grenon’s name, the company has not named the other three nominations.
Several new names have emerged as potential candidates and frontrunners for one of the country’s biggest news roles.
TVNZ has created an all-encompassing news and programming role, chief news and content officer - an ambitious job with executive responsibility for all of the state broadcaster’s journalism and programming content. It is so important that the TVNZ board will sign off on the role, according to an internal email to staff this week.
Former SBS and Foxtel executive and current Sky TV contractor Marshall Heald and Stuff Digital managing director Nadia Tolich are among the latest names being touted for the role. Former NZ Rugby Commercial chief executive Craig Fenton’s name hasn’t gone away, either.
Heald, a New Zealander, spent 14 years at Australian public broadcaster SBS, before leaving there in December 2021 to join Foxtel. His LinkedIn profile lists him as being at Foxtel from February 2022 until September 2024. It is understood he is working as a content strategy consultant for Sky TV.
The new role encompasses the outgoing jobs of chief content officer Nevak Rogers and executive editor - news and current affairs Phil O’Sullivan.
O’Sullivan has moved into a new news leadership role but both he and Rogers may be heading a small list of internal TVNZ candidates.
That internal list became a lot shorter with the announcement this week that another potential candidate, Carol Hirschfeld, currently the executive producer of Breakfast, was moving into a new news leadership role of GM production operations.
Another possible option, head of sport Melodie Robinson, has had a reporting line change, directly to interim chief news and content officer Brent McAnulty, because of the growing critical importance of sport in TVNZ’s arsenal.
It would be surprising if TVNZ chief executive Jodi O’Donnell does not opt for outside blood for the news role - the appointment is a critical one in light of the massive change that TVNZ is undertaking and it is the first notable executive appointment since she was elevated to the chief executive role in February last year.
In an email to staff this week, McAnulty said recruitment for the role was “well under way”.
“Jodi will share the result of that once the board has approved this – probably late March or early April.”
A TVNZ spokeswoman said yesterday that all executive appointments went through the board.
“Jodi will make this appointment alongside the board. Executive appointments are important, and we want to make sure we get the right people into these roles. To create a robust and fair process, including board consultation is appropriate.”
New Kiwi movie Tinā is on track to be one of our most successful movies ever, surpassing $1 million in its opening weekend.
The film has hit number one on the New Zealand box office charts, earning $1,324,529 to date with nearly 84,000 ticket sales, says the Film Commission.
Tinā also set a record for the widest release of a New Zealand film, screening across 128 locations in New Zealand, Papua New Guinea, the Cook Islands, Fiji, and Samoa. “It now ranks as the third-biggest NZ opening week of all time, behind Hunt for the Wilderpeople and Sione’s 2: Unfinished Business.”
Tinā follows the journey of Mareta Percival, a Samoan teacher struggling after losing her daughter in the Christchurch earthquakes. She reluctantly takes on a substitute teaching role at an elite private school.
Film Commission chief executive Annie Murray says the success of Tinā is proof of the power of investing in local storytelling.
“The incredible debut of Tinā isn’t just a win for this film - it’s a powerful demonstration of what’s possible when we invest in stories that reflect who we are. Audiences have shown up in record numbers for this film, proving there’s real appetite for authentic, well-crafted storytelling from our own filmmakers. We need to keep this momentum going.”
One of the country’s most popular podcasts is being turned into a full-blown screen comedy series.
Shooting is underway in Wellington on Sky Originals’ Small Town Scandal, a screen adaptation of comedian Tom Sainsbury’s hit iHeartRadio NZ original podcast of the same name.
“Small Town Scandal is becoming a TV show, and I am absolutely fizzing!” says Sainsbury. “It’s the perfect mix of my two favourite things – juicy true crime and those wonderfully quirky small-town Kiwi characters we all know [and maybe are related to].”
Joining series creator, writer and lead Sainsbury in the eight-part series is Kiwi actress Morgana O’Reilly - starring right now in The White Lotus - and Australian actor Alexander England (Offspring, How To Please A Woman).
Small Town Scandal follows Toby (Sainsbury), a disgraced journalist turned true-crime podcast host as he investigates the suspicious death (by automatic lawnmower) of his millionaire uncle in a hometown filled with eccentric suspects.
Speaking from location in the fictional town of Te Hōiho, Sainsbury said, “I can’t wait for people to throw out wild theories about whodunit while also cracking up at the hilariously familiar chaos of small-town life. And don’t even get me started on the cast – my dream team of comedy legends. Bring on the scandal!”
NZ on Air announced last June that it was funding the new series to the tune of just under $3 million.
Sky New Zealand Originals head Thomas Robins said he was thrilled to have the series on the slate.
“We love Tom Sainsbury – heck, who doesn’t love Tom Sainsbury?! With [screen producers] Georgina Conder and Carthew Neal at the helm, and an outstanding local and international ensemble cast along for the ride, Small Town Scandal is set to be a huge hit.”
The TV series will screen later in the year, while the first two podcasts are available on the iHeartRadio app.
“Content with pre-existing fan bases has long been successful in TV and film, but now podcasts have been identified as a rich opportunity,” says NZME head of digital audio Sarah Catran.
“It’s thrilling to see Sky NZ Originals embrace this trend early, recognising the value of podcasts and commissioning Tom’s incredible work with iHeartRadio NZ was an obvious choice; he conceptualised, scripted, and single-handedly performed dozens of characters for two successful seasons of Small Town Scandal.”
The NZ Herald’s print dominance has come through once again in quarterly Nielsen readership results released yesterday.
The battle for supremacy is a lot tighter, digitally. Monthly Nielsen numbers show nzherald.co.nz amassed a unique audience of 2.07 million in January, while Stuff’s website sat at 2.13m.
The two sites are the two biggest news websites by a long distance - RNZ is third with a unique audience of just under 1.5m - while NZME says the NZ Herald is number one for app launches.
Meanwhile, travel and lifestyle titles dominate the magazine readership results, also released yesterday.
AA Directions, Kia Ora, NZ Woman’s Weekly, The Australian Women’s Weekly, NZ Geographic and North & South were among a string of titles that all increased readership compared with the previous quarter, while NZ Geographic (again), North & South (again), Listener and Cuisine were among those that enjoyed year-on-year increases.
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.
The executive chair of another NZME shareholder says he supports the move for a new board.