Response to speculation regarding Stuff

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
1
NEW ZEALAND MEDIA AND ENTERTAINMENT
MARKET ANNOUNCEMENT

21 March 2025
Response to speculation regarding a potential transaction involving Stuff

AUCKLAND, 21 March 2025: NZME Limited (NZX and ASX: NZM) (NZME) is aware of speculation
in the market that NZME has been in discussions with Stuff Limited (Stuff) in relation to a potential
transaction.

NZME confirms that it has had discussions with Stuff since late 2024 in relation to the potential
acquisition of digital and print assets within the Stuff Mastheads business. The strategic rationale for
any transaction was the acceleration of OneRoof’s revenue and audience, particularly in Wellington
and the South Island, and the ability to grow NZME’s total audience, customer base and profitability.

NZME advises that on 6 March 2025, following NZME’s announcement of the receipt of a proposal
from JTG 4 Limited (JTG) (a company owned by Mr Jim Grenon) in relation to proposed changes to
the NZME Board, Stuff advised NZME that Stuff was pausing discussions in relation to any potential
transaction until the composition of the NZME Board is known following the outcome of NZME’s
Annual Shareholders’ Meeting.

There is no certainty that NZME will re-engage in any discussions with Stuff or that if such
discussions occur, they will result in any transaction.

NZME will continue to keep shareholders informed by market announcement in accordance with its
continuous disclosure obligations.

ENDS

Authorised by Barbara Chapman, Chairman.

For further information please contact:

For media For investors
Kelly Gunn
GM Communications
+64 27 213 5625
kelly.gunn@nzme.co.nz
David Mackrell
Chief Financial Officer
+64 21 311 911
david.mackrell@nzme.co.nz