Bauer Media, which has The Listener, Woman’s Day, New Zealand Woman’s Weekly, North and South and Next, says it is no longer viable and shut its doors today.
Chief executive Brendon Hill said the Covid-19 lockdown had stopped magazine production [by government decree] and put the business in an untenable position.
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…
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…
Media commentator Andrew Holden told Nine to Noon the news is a shock to the media industry.
“These are the best magazines we’ve got in this country, they’re the home of some fantastic journalism”…
Finance Minister Grant Robertson today told Morning Report that the media sector was one of a number of sectors where the Government was going to have to be looking at recovery plans as it works its way through the Covid-19 crisis…
Media Commentator Bill Ralston was fearful for the survival of other media…
He said there was likely to be a snowball effect.
”There will be radio stations closed, the remaining lot of magazines in private ownership will probably disappear as well and I think you will find that TV3 will really start looking closely if it keeps going, simply because there is a lack of advertising revenue there for them, no it’s a very tough time.”
Read the full story from RNZ here: https://www.rnz.co.nz/news/business/413226/covid-19-major-magazine-publisher-bauer-media-closing-down
