Well... as a shareholder I'm disappointed, but not particularly surprised. This level of concentration in such a small market was always a big ask. But it could be that without the merger one of the two companies keels over anyway given the online competition? Seems like a lose-lose. Here are some things I'm looking out for now the decision's come out:
Looks like the market didn't get its hopes up about a positive NZCC decision, which is just as well. SP down less than 1% today. Will the SP stay at these levels though?
Whether the NZCC decision gets appealed within the 20 business day timeframe. Greg Hywood certainly sounded bolshie in the media release but didn't mention whether or not they were considering an appeal.
Whether NewsCorp, another media conglomerate or some other entity expresses interest in acquiring one or other of FairfaxNZ or NZME.
Odd that FXJ chose to announce the 115/125 job cuts today. Just listened to Patricia Karvelas interviewing former FXJ business journo Michael West about the strike action that followed the announcement... during the Australian budget week! West is very bitter about being let go, but has forged an interesting post FXJ career at http://www.michaelwest.com.au/
Though I'm a shareholder, I don't back these job cuts. I'd rather see the print edition go. Can't believe I said that but that's my preference if there's an either/or choice.
Last edited by TriOptimum:
adding last dot point03/05/17
FXJ Price at posting:
$1.07 Sentiment: Hold Disclosure: Held
