Stuff's Sinead Boucher and Trade Me CEO Anders Skoe.
Stuff, the New Zealand media company, has sold 50% of its digital business, including stuff.co.nz and ThreeNews, to online classified site Trade Me.
CEO Sinead Boucher, who took ownership in a management buyout five years ago, made the announcement.
In 2020 she paid Nine Entertainment $1 for the business.
Commercial details of the latest deal haven't been released but reports indicated it was in the millions.
Newspapers including The Post, the Press and the Waikato Times are not included in the deal.
“It is exactly five years ago this week that I brought the Stuff Group back into New Zealand ownership,” Boucher said.
“This is the first time I have accepted an equity investment into our business but Trade Me is exactly the right partner at the right time for us.
“We are both trusted brands, intrinsic to the daily lives of New Zealanders and with a shared commitment to having a positive impact on their lives.
“Critically, Trade Me understands and respects the vital importance of editorial independence for our journalism and our audiences.
“And with New Zealand’s largest digital news audience joining forces with the largest property and motoring audiences in the country, we have so many amazing opportunities ahead together.”
Stuff's property section will re-branded Trade Me Property.
Boucher will chair the new Stuff Digital Ltd board of directors.
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