Stuff

1. Name: Stuff Limited (trading as “Stuff”)

   • Formerly: Fairfax New Zealand Limited (name changed on 1 February 2018)

2. Type of Organisation: Private company (New Zealand Limited Company)

3. NZ Companies Office Registration: Company No. 1301556; NZBN 9429035992967

4. Date of Incorporation: 15 May 2003

5. Registered Address: Ground Floor, 10 Brandon Street, Wellington Central, Wellington 6011, New Zealand

6. Head Office: Wellington, New Zealand (principal offices in central Wellington)

7. Current Ownership: 100% privately owned by Sinead Boucher (through her holding company)

   • Ownership vehicle: Kenepuru Holdings Limited – holding company wholly owned by Sinead Boucher (sole shareholder and director). Kenepuru Holdings holds all shares of Stuff Limited.

   • Employee Trust: A staff trust was apparently established in 2020 with a beneficial interest of 10% in Stuff’s shares (though no direct shareholding).

8. Corporate Structure: Stuff Group (100% Boucher-owned) comprises two main divisions as of 2024: Stuff Digital and Masthead Publishing.

   • Stuff Digital Ltd: Holds the Stuff.co.nz news platform, social network Neighbourly, and audio/video content operations.

   • Masthead Publishing: Holds the legacy print news brands (newspapers and their websites). (Both divisions remain under full Stuff/Boucher ownership.)

9. Key Publications and Assets: Major news outlets owned by Stuff include:

   • Stuff.co.nz – New Zealand’s highest-traffic news website.

   • The Post – daily metropolitan newspaper (Wellington, formerly Dominion Post).

   • The Press – daily metropolitan newspaper (Christchurch).

   • Waikato Times – daily newspaper (Hamilton).

   • Sunday Star-Times – weekly national newspaper (highest circulation weekly).

   • Other regional dailies: Taranaki Daily News, The Southland Times, Manawatū Standard, Nelson Mail, Timaru Herald, Marlborough Express (and numerous community/regional papers).

   • Magazines: TV Guide (weekly TV listings magazine).

   • Digital platforms: Neighbourly (community social network).

10. Sector/Industry: Media – News and Publishing (digital, print, and multimedia journalism).

11. Key Shareholder (Ultimate Beneficial Owner): Sinead Marie Boucher – 100% owner (via Kenepuru Holdings) since 31 May 2020.

    • Note: From 2003–2018 the company was owned by Australian firm Fairfax Media, and from 2018–2020 by Nine Entertainment Co. (Australia) before reverting to NZ ownership under Boucher.

12. Governance and Directors:

    • Sinead Boucher – Executive Chair and owner (also currently acting Chief Executive). Director of Stuff Limited since 2017.

    • Dale Bridle – Chief Financial Officer and Director of Stuff Limited (appointed 2022).
      (No independent or external directors; only the owner and CFO sit on the board.)

13. Executive Leadership: (management team as of 2025)

    • Sinead Boucher – Executive Chair, Publisher, and Acting CEO (former Group CEO 2017–2022, resumed CEO duties in 2024).

    • Dale Bridle – Chief Financial Officer (and Operations Director).

    • Joanna Norris – Managing Director, Stuff Masthead Publishing (oversees all newspaper editorial operations).

    • Ben Haywood – Acting Managing Director, Stuff Digital (oversees digital content/products).
      (Boucher also serves as the company’s editor/publisher-in-chief in practice, given the concentrated ownership and management structure.)

14. Registration Status: Registered and active (complies with annual return filings in June).

15. Regulatory Oversight: As a news publisher, Stuff adheres to New Zealand’s self-regulatory Media Council principles and standards (independent press complaints body). Content may also fall under Broadcasting Standards for audio/visual segments where applicable.

16. Employees: Approximately 900 staff (as of 2020), including New Zealand’s largest newsroom of journalists (Stuff is described as “the country’s largest employer of journalists”). Note: Staffing has fluctuated with restructuring and cost-cutting in recent years.

17. Revenue Model: Mixed – primarily advertising-funded (digital and print ads), supplemented by circulation sales (print subscriptions) and new digital subscription offerings. The company launched paid digital subscriptions for key masthead news sites in 2023 to diversify revenue. Stuff also operates a commercial division (“Stuff Brand Connections”) for advertising clients.

18. Advertising Market Share: Historically strong in print advertising, but significantly eroded in the digital era. (Newspapers’ share of NZ ad spend fell from ~40% in 2001 to just 10% by 2021, reflecting the shift of advertising to online platforms.) Stuff’s print revenues have declined accordingly, increasing reliance on online ads and other income.

19. Major Advertisers/Clients: Not publicly disclosed in detail. Like other large media, Stuff derives advertising income from a broad range of national and local businesses. It also carries government advertising (e.g. public health and COVID-19 announcements) and classifieds. Advertising accounts are diversified, but the sector’s overall dependence on programmatic (Big Tech-mediated) ads is notable.

20. Public Funding and Subsidies: Has received substantial government support in recent years:

    • NZ Public Interest Journalism Fund (PIJF): Approximately NZ$4.8 million in contestable grants (2021–2023) for defined journalism projects, roles, and content series. This was one of the largest allocations to any media organisation under the $55 m fund.

    • COVID-19 relief: In 2020, Stuff benefited from general media support measures – e.g. wage subsidies and the government’s $50 m emergency media package (which included government paying for advertising to buoy media revenues during the pandemic).

    • No ongoing direct subsidy: these were one-off or time-limited supports.

21. Commercial Partnerships: In June 2023 Stuff signed a content-licensing deal with Google (as part of Google’s News Showcase programme) to secure payment for its news content. This multi-year deal (details confidential) followed collective industry efforts to have digital platforms compensate NZ publishers. Stuff has no known deal with Meta/Facebook (it notably pulled its news content off Facebook in 2020 over ethical concerns).

22. Editorial Stance/Policy: Stuff claims a commitment to editorial independence and public-interest journalism. In 2020 it implemented a new editorial code of ethics and “trust contract” with readers. The company has openly taken stands on issues such as rejecting racism and misinformation, and aims to reflect Treaty of Waitangi principles in its content. Critics note that its editorial tone under Boucher has a strong progressive bent, which the company frames as part of its public-interest mission.

23. Major Transactions:

    • 2003: Formed as Fairfax New Zealand after Australia’s Fairfax Media purchased INL’s NZ newspapers.

    • 2018: Became part of Nine Entertainment Co. when Nine acquired Fairfax Media (Australia).

    • 2020: Sold by Nine to Sinead Boucher for NZ$1 in a management buyout (completed 31 May 2020). Nine retained Stuff’s Wellington printing press and certain other assets, and Boucher assumed full ownership via Kenepuru Holdings.

    • 2024: Internal reorganisation split Stuff’s digital and print operations into separate legal entities (100% Boucher-owned) – potentially to enable future investment or partial sale.

24. Profits/Financial Performance: Financial results are not publicly reported (privately held). Nine Entertainment had characterized Stuff as a “failing” business in 2020 due to declining revenues, though Boucher maintained it was still “generally profitable” prior to the sale. The infusion of government funding (PIJF) and cost-cutting measures helped sustain operations post-2020. Recent indications (2023–24) are that the company remains under revenue pressure (advertising downturn of 10–20% post-Covid), prompting restructuring and new revenue initiatives (paid subscriptions, video content ventures).

25. Market Position: Stuff is one of New Zealand’s two largest media enterprises (alongside NZME). It reaches an audience of roughly 3.4 million New Zealanders per month across its platforms. Its flagship Stuff.co.nz is the country’s #1 news site by audience size, and it controls many dominant regional mastheads. This extensive reach gives Stuff considerable influence in shaping public opinion (while also raising competition and plurality concerns).

26. Competitors: The chief competitor is NZME (publisher of the New Zealand Herald and owner of major radio networks). NZME and Stuff compete in digital news nationally and in print in certain markets. Other competitors include TVNZ and Discovery (broadcasters with news websites), RNZ (public radio and online), Newsroom, The Spinoff and smaller digital outlets. Note: A attempted merger between Stuff and NZME in 2016–2018 was blocked by regulators on media plurality and competition grounds.

27. Lobbying & Industry Advocacy: Stuff is a member of the News Publishers’ Association (NPA), through which it has participated in industry-wide lobbying – for example, seeking Commerce Commission clearance for collective bargaining with Google/Facebook over content payments. The company generally lobbies via industry bodies or public submissions rather than hiring external lobbyists. Its CEO/owner has engaged with ministers and regulators on media policy issues (such as urging action on Big Tech and supporting public media funding).

28. Government Engagements: Stuff has made submissions to government on matters like media mergers, hate speech law, and digital platform regulation (often arguing in favor of journalism protections and competitive fairness). During the 2020 sale process, the government (via the Treasury and regulator) monitored Stuff’s situation but insisted on an independent commercial solution. Stuff’s leadership has also publicly urged government interventions such as requiring Big Tech to compensate news (similar to Australia’s code). In 2023 the company welcomed proposed legislation for platform payments, though that bill’s future is uncertain under the new government.

29. Transparency and Accountability: As a privately held company, Stuff has minimal mandatory disclosure – financial and strategic information is kept internal (unlike listed NZME). Boucher’s governance approach has been to communicate major changes to staff and occasionally the public, but details of Stuff’s financing and any external backing are not publicly disclosed. Stuff publishes annual “Impact Reports” highlighting its editorial achievements, but it does not release audited financial statements or ownership reports to the public, beyond what is required by companies law. (This lack of public transparency has attracted criticism given Stuff’s significant role in the democratic landscape.)

Sources:

[1] “Stuff owner becomes sole holder of one million shares,” RNZ News, https://www.rnz.co.nz/news/business/545190/stuff-owner-becomes-sole-holder-of-one-million-shares

[2] “STUFF LIMITED – Company Information,” NZ Business Directory (nzwao.com), https://www.nzwao.com/companies/stuff-limited/

[3] “Australia’s Nine sells Stuff for NZ$1 to New Zealand media co’s CEO,” Reuters, https://www.reuters.com/article/business/australias-nine-sells-stuff-for-nz1-to-new-zealand-media-cos-ceo-idUSL4N2D60HK/

[4] Thomas Cranmer, “The State of Stuff: Media Ownership and Transparency Under Scrutiny,” Bassett, Brash & Hide blog, https://www.bassettbrashandhide.com/post/thomas-cranmer-the-state-of-stuff-media-ownership-and-transparency-under-scrutiny

[5] Gavin Ellis, “More to a name than meets the eye,” Knightly Views (media commentary blog), https://knightlyviews.com/tag/sinead-boucher/ (August 2024 post)

[6] “Who has received Public Interest Journalism Fund money?” NZ Taxpayers’ Union (PIJF Recipients Dashboard), https://www.taxpayers.org.nz/pijf

[7] Shayne Currie, “Google, New Zealand media firms announce major new deals to help fund journalism,” NZ Herald (Media Insider column), 14 June 2023, https://www.nzherald.co.nz/business/media-insider/google-new-zealand-media-firms-announce-major-new-deals-to-help-fund-journalism/5AWWXBZJFFC6JGHPFKM57CRJH4/

[8] Peter Thompson, “Making Google and Facebook pay for news content: what will it deliver?” Victoria University of Wellington News, 2 Dec 2022, https://www.wgtn.ac.nz/news/2022/12/making-google-and-facebook-pay-nz-media-for-content-could-deliver-less-than-bargained-for

[9] Duncan Greive, “Stuff ‘consciously uncouples’ into two separate digital and print businesses,” The Spinoff, 11 Dec 2024, https://thespinoff.co.nz/media/11-12-2024/stuff-consciously-uncouples-into-two-separate-digital-and-print-businesses

[10] “Stuff (company) – Wikipedia,” Wikipedia (summary of Stuff’s operations and history), https://en.wikipedia.org/wiki/Stuff_(company)

[11] Eleanor Ainge Roy, “New Zealand media giant Stuff apologises for ‘racist’ past reporting,” The Guardian, 30 Nov 2020, https://www.theguardian.com/world/2020/nov/30/new-zealand-media-giant-stuff-apologises-for-racist-past-reporting

[12] Dr. Oliver Hartwich, “An Orwellian distortion of journalism,” NZ Initiative (Opinion), 30 July 2021, https://www.nzinitiative.org.nz/reports-and-media/opinion/an-orwellian-distortion-of-journalism/

[13] “Stuff sold for $1 to CEO Sinead Boucher by Nine Entertainment,” New Zealand Herald, 25 May 2020, https://www.nzherald.co.nz/business/companies/media-marketing/stuff-sold-for-1-to-ceo-sinead-boucher-by-nine-entertainment/WSETW73L7M7VV2FCP4PZ6LCSHY/

[14] “Stuff CEO Laura Maxwell steps down, takes up job in Queensland,” 1News (TVNZ), 15 Aug 2024, https://www.1news.co.nz/2024/08/15/stuff-ceo-laura-maxwell-steps-down-takes-up-job-in-queensland/

[15] Commerce Commission v NZME and Fairfax [2018] NZCA 389, Court of Appeal (media plurality discussion), via comcom.govt.nz (PDF)

[16] “Public Interest Journalism Fund recipients,” Taxpayers’ Union (detailed list of PIJF-funded roles and projects), https://www.taxpayers.org.nz/pijf

[17] Kris Faafoi (Minister), “Government announces $50m support package for media sector,” RNZ News, 23 Apr 2020, https://www.rnz.co.nz/news/national/414551/covid-19-government-announces-support-package-for-media-sector (and Guardian coverage: New Zealand to give $50m to help ailing media, The Guardian, 22 Apr 2020)

[18] “NZME and Stuff merger application – Commerce Commission decision,” NZ Commerce Commission, 2 May 2017 (via archive)

[19] “NZ Parliament Hansard (Question Time – Public Interest Journalism Fund),” 12 Oct 2021, (Question by J. Collins to PM on media fund bias), via Democracy Project analysis, https://democracyproject.nz/2021/10/12/graham-adams-the-debate-over-the-55-million-media-fund-erupts-again/

Spot anything in this entry that is wrong? Please either leave a comment at the end or email, in confidence: bryce@democracyproject.nz