Media Insider: NZME board battle – vocal shareholder pulls support for Jim Grenon board seat; media company’s biggest shareholder outlines its position

The future direction of media firm NZME appears increasingly likely to come down to the vote of its biggest shareholder. As one vocal shareholder withdraws support for Jim Grenon, Australian investment fund Spheria Asset Management – which holds just under 20% – responds with its position. A vocal NZME shareholder has withdrawn his support for Auckland businessman Jim Grenon having a seat on the media company’s board, claiming the Grenon team does not have the necessary media skills to improve the company’s performance.

Australian media analyst and shareholder Roger Colman says Grenon’s team “has never had any relevant media experience, no digital classifieds experience, zip zero. And only a sliver of Australasian public company experience”. He headlined his update with the line, “Voting for the Grenon team is dangerous for NZME’s future” and said that NZME should not be “run by media and classifieds portals amateurs”.



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