Jim Grenon indicates majority support to roll NZME board — or close to it

Friday, 7 March 2025

Canadian-born billionaire Jim Grenon has indicated he may now have majority support to topple the board of media firm NZME, or at least be close to it.

NZME, which owns the New Zealand Herald and about half the country’s commercial radio stations, told investors on Thursday it had received notice from Grenon he would bring a motion at NZME’s annual meeting next month to largely replace its board with himself and three new directors.

The company said in a statement to the NZX that Grenon had received indications of support from shareholders who owned 37% of the company.

Grenon has since confirmed that included his own near 10% holding in NZME.

But he told The Post that he had received additional indications of support since he contacted NZME and it issued its release to the stock exchange.

“Since then, now that it is public, I have been approached by investors who I understand represent far more than another 10% and they are expressing support,” he said.

NZME subsequently stated in a fresh release to the NZX that Grenon had advised it the above figure was “about 10%”.

Grenon’s bid to seize boardroom control of NZME has caused concern in some quarters.

Labour Party media spokesperson Willie Jackson said “this is the last thing we need in the media — another alt right rich guy who hates anything that resembles diversity”.

“This is all under Goldsmith and his lack of action. Under his watch, news organisations are closing, journalists are losing their jobs and now billionaires buying up media companies to promote their own warped and distorted views.”

Grenon said in response, “I think Willie is a fool for talking about things he knows nothing about”.

RNZ reported Grenon has been linked to “alternative news sites”, including The Centrist, in which he served as a director until 2023.

Business Desk, an NZME-owned publication, had described The Centrist and its sister site NZ News Essentials as among sites that sprang up targeting “disaffected groups on the political fringes”, RNZ noted.

Sinead Boucher, chief executive of rival media business Stuff, whose mastheads include The Post, said it would be alarming if NZME’s would-be directors were seeking editorial influence.

Media and Communications Minister Paul Goldsmith said on Thursday he was “happy to take some advice” on the development, but NZME was a “private company” and ultimately it was up to its shareholders to determine how it operated.