NZME directors ‘have concerns’ about businessman Jim Grenon taking editorial control

NZME’s directors have fired their own shots in the war for control of the media company, saying they have concerns about a takeover bid including the risk of businessman Jim Grenon taking editorial control.

In a statement to the NZX, the board said it was delaying its annual shareholders meeting until June and opening up nominations of other directors.

Grenon, a New Zealand resident since 2012, bought a 9.3 percent stake in NZME for just over $9 million early in March.

NZME is publisher of a number of newspapers, including The New Zealand Herald, as well as operating radio stations and property platform OneRoof.

Within days of taking the stake, Grenon had written to the company’s board proposing that most of its current directors be replaced with new ones, including himself, and said the performance of the company had been disappointing and he was wanted to improve the editorial content.

NZME has now told the stockmarket it had concerns whether Grenon’s proposals were in the best interests of the company and shareholders. — RNZ News

Dear NZME Board,

I was once a columnist for The New Zealand Herald, but I’m too left wing for your stable of acceptable opinions and now just run award-winning political podcasts instead.

Normally as board members of a financialised media company in late stage capitalism with collapsing revenue thanks to social media, you don’t generally have to consider the actual well being of our democracy.

Let me be as clear as I can to you all.

You hold in your hands the fate of Fourth Estate journalism and ultimately the democracy of New Zealand itself.

As the largest Fourth Estate platforms in the country, your obligations go well beyond just shareholder profit.

Alt-right billionaire Jim Grenon has in my view been extremely disingenuous.

The manner in which NZME has been sold as underperforming so that the promise of a quick buck from OneRoof seems the focus point is made more questionable because I suspect Grenon’s true desire here is editorial control of NZME.

His relationship with a far-right culture war hate blog that promotes anti-Māori, anti-trans, anti-vaccine, climate denial editorial copy alongside his support for culture war influencers suggest a radicalised view of the world which he intends to implement if he gains control.

Look.

NZME is right wing enough, your first editorial in The New Zealand Herald was calling for white people to start war with Māori, Mike Hosking is the epitome of right wing commentary and the less said about Heather Du Plessis Allan, the better, but all of you acknowledge that 2 + 2 = 4.

Alt-Right billionaires don’t admit that.

Alt-right billionaires tend to lean into divisive culture war rhetoric and are happy to promote 2 + 2 = whatever I say it is.

You cannot allow alt-right billionaires with radicalised culture war beliefs take over the largest media platforms in the country.

This moment demands more than dollars and cents, it requires a strong defence of independent editorial content, even when that editorial content is right wing.

The NZ Herald, Heather and Mike are without doubt right wingers, but they are right wingers who pitch their argument within the realms of the real and factual.

Alt-right billionaires do not do that.

If NZME is taken over and the editorial direction takes a hard right culture war turn, you will be dooming NZ democracy and planing us on a highway to hell.

You must, you must, you must stand against this attack on editorial independence.

Republished from The Daily Blog with permission.

Article by AsiaPacificReport.nz

A recent investigation by The Fiji Times has found that former attorney-general and FijiFirst party (FF) general-secretary Aiyaz Sayed-Khaiyum did not declare the value of shares he owns in two companies, as per the asset declarations filed with the Fijian Elections Office since 2017.

Section 24 of the Political Parties (Regulation, Conduct, Funding and Disclosures) Act requires political party officials to disclose to the Registrar of Political Parties their “total assets”, together with the total assets of their spouses and dependent children.

Between 2016 and 2022, Sayed-Khaiyum’s asset declarations stated he and his wife Ela were shareholders in two companies, Midlife Investments Pte Ltd and Abide Pte Ltd.

In his declarations for the years 2016 through to 2022, Sayed-Khaiyum declared monetary values for his home in Vunakece Rd, Suva, his bank accounts and a motor vehicle.

He also declared that he and his wife held shares in the two companies.

However, for the shares listed, the column “value declared” was left blank in each of the declarations.

Sayed-Khaiyum has not responded to questions emailed to him by The Fiji Times.

Meri Radinibaravi is a Fiji Times reporter. Republished with permission.

Article by AsiaPacificReport.nz

Aotearoa New Zealand’s opposition – and poll leader — National Party’s three biggest donors have a combined net worth of $15 billion.

The bottom 50 percent of NZ has $23 billion.

The top 5 percent of New Zealanders own roughly 50 percent of New Zealand’s wealth, while the bottom 50 percent of New Zealanders own a miserable 5 percent.

IRD proved NZ capitalism is rigged for the rich and business columnist Bernard Hickey calculates that if we had had a basic capital gains tax in place over the last decade, we would have earned $200 billion in tax revenue.

$200 billion would have ensured our public infrastructure wouldn’t be in such an underfunded ruin right now.

There are 14 billionaires in NZ plus 3118 ultra-high net worth individuals with more than $50 million each. Why not start start with them, then move onto the banks, then the property speculators, the climate change polluters and big industry to pay their fair share before making workers pay more tax.

Culture War fights make all the noise, but poor people aren’t sitting around the kitchen table cancelling people for misusing pronouns, they are trying to work out how to pay the bills.

‘Bread and butter’ pressures
“Bread and butter” cost of living pressures are what the New Zealand electorate wants answers to, and that’s where the Left need to step up and push universal policy that lifts that cost from the people.

The Commerce Commission is clear that the supermarket duopoly should be broken up and the state should step in and provide that competition.

We need year long maternity leave.

We need a nationalised Early Education sector that provides free childcare for children under 5.

We need free public transport.

We need free breakfast and lunches in schools.

We need free dental care.

We need 50,000 new state houses.

We need more hospitals, more schools and a teacher’s aid in every class room.

We need climate change adaptation and a resilient rebuilt infrastructure.

Funded by taxing the rich
We need all these things and we need to fund them by taxing the rich who the IRD clearly showed were rigging the system.

That requires political courage but there is none.

No one is willing to fight for tomorrow, they merely want to pacify the present!

Just promise me one thing.

Don’t. You. Dare. Vote. Early. In. 2023!

I can not urge this enough from you all comrades.

Don’t vote early in the 2023 election.

Secrecy of the ballot box
I’m not going to tell you who to vote for because this is a liberal progressive democracy and your right to chose who you want in the secrecy of that ballot box is a sacred privilege and is your right as a citizen.

But what I will beg of you, is to not vote early in 2023.

Comrades, on our horizon is inflation in double figures, geopolitical shockwave after geopolitical shockwave and a global economic depression exacerbated by catastrophic climate change.

As a nation we will face some of the toughest choices and decision making outside of war time and that means you must press those bloody MPs to respond to real policy solutions and make them promise to change things and you can’t do that if you hand your vote over before the election.

Keep demanding concessions and promises for your vote right up until midnight before election day AND THEN cast your vote!

We only get 1 chance every 3 years to hold these politicians’ feet to the fire and they only care before the election, so force real concessions out of them before you elect them.

This election is going to be too important to just let politicians waltz into Parliament without being blistered by our scrutiny.

Demand real concessions from them and THEN vote on Election Day, October 14.

If the Left votes — the Left wins!

Republished with permission from The Daily Blog.

Article by AsiaPacificReport.nz