By RNZ News
The publisher of some of New Zealand’s best known magazines has folded amid the economic fallout from the national coronavirus pandemic lockdown.
Bauer Media, which publishes The Listener, Woman’s Day, New Zealand Woman’s Weekly, Metro, North and South and Next, says it is no longer viable and has shut its doors today.
Chief executive Brendon Hill said the Covid-19 lockdown had stopped magazine production and put the business in an untenable position.
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He said magazines depended on advertising and it was unlikely that would recover to pre-crisis levels.
Business advisory firm EY has been appointed to work on an orderly wind-down of the business, and buyers are being sought for the magazines.
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New Zealand Bauer staff were told this morning of the closure.
Hill said local staff would get full redundancy and other entitlements.
‘Devastating blow’
“This is a devastating blow for our committed and talented team who have worked tirelessly to inform and entertain New Zealanders, through some of the country’s best-loved and most-read magazines.”
Bauer carried out an urgent review of its New Zealand operations and considered all options to keep part or all the business open, including engaging with the New Zealand government, Hill said.
“An active search is underway to find buyers for our New Zealand assets, including our many iconic titles, however, so far an alternative owner has not been found,” he said.
This article is republished by the Pacific Media Centre under a partnership agreement with RNZ.
- If you have symptoms of the coronavirus, call the NZ Covid-19 Healthline on 0800 358 5453 (+64 9 358 5453 for international SIMs) or call your GP – don’t show up at a medical centre.
Article by AsiaPacificReport.nz
