The acquisition of Stuff for $1 by CEO Sinead Boucher is
arguably the best possible outcome for the company, and potentially a good one for the country.
Crucially, it places a major media player, albeit a terribly weakened one, back in the hands of a New Zealand owner with a solid grounding in
journalism – one that I hope will be reflected in a renewed commitment to
traditional journalistic values.
I’ve been critical of Stuff’s strategy in dealing with the
enormous challenges of the digital era. In particular I felt the company made
the mistake of allowing itself to be mesmerised by the false promise of digital
at the expense of its traditional print product, which generated most of its
revenue. But it’s hardly the only media company to have made such mistakes.
In the process of switching its primary focus to the
internet, and in the carnage that followed as papers were downsized, rationalised
or closed, Stuff alienated many of its core readers and dispensed with some of
its most capable and experienced staff, which I found hard to forgive.
But now we have the prospect of a fresh start, and I wish
Sinead and her 700 employees, many of whom I have worked with (indeed, still
do), nothing but the best. They now have a basis on which to plan for the
future. Few things would give me greater pleasure than to see a revival of a
vigorous and profitable New Zealand-owned print media.
One lesson to emerge from all this, as I’ve written before
(and as former New Zealand Herald
editor-in-chief Gavin Ellis emphasised in a recent blog post) is that we should
never again allow major media outlets to fall into the hands of foreign owners
with no real commitment to New Zealand and no emotional stake in our affairs. As both
an expression and a reflection of national identity, with a crucial role to
play in helping to shape and sustain an informed democracy, the New Zealand news
media are far too important to fall under the control of outsiders interested
in this country only as long as they can extract profits.
German-owned Bauer Media showed the depth of their
commitment when they callously and needlessly destroyed much of the value of
their long-established magazine titles by shutting them down without warning,
meaning that anyone who now buys them must try to rebuild them from scratch
rather than take them over as going concerns. At least Stuff’s former owners, Australia’s
Nine TV network, handed over a company still in working order.
Ironically, the one foreign media owner who did right by his
New Zealand interests – at least for the several decades that he controlled
Independent Newspapers Limited, which Sydney-based Fairfax acquired in 2003 – was the much-reviled
Rupert Murdoch. In hindsight, he looks positively benevolent.
Disclosure: I spent much
of my newspaper career with what was then INL, including more than two years as a not
terribly distinguished editor of The Dominion, one of the two Wellington papers
that merged in 2001 to become The Dominion Post. I continue to provide regular
columns to that paper and to other Stuff titles, although how long that will
continue – as with everything in an industry where the ground is constantly
shifting – remains to be seen.