Billionaire wants NZME to appeal to ‘wider political spectrum’
Wednesday, 12 March 2025
The Canadian-born billionaire who is attempting a boardroom coup at media firm NZME has made it clear he wants to get hands-on with its editorial policies, but says he has been portrayed as a “cartoon villain”.
Jim Grenon said in a statement originally sent to TVNZ that he wanted a new board of directors to “improve” NZME’s journalism and wanted it to appeal to “a wider political spectrum”.
NZME publishes The New Zealand Herald and owns about half of the country’s commercial radio stations.
Grenon bought 10% of NZME last month and is nominating himself and three other directors to take control of the company’s board in a vote that will be put to NZME’s shareholders at its annual meeting on April 29.
NZME told investors on Friday that it had been advised by Grenon that he had received indications of support from shareholders owning about 47% of NZME, when his own holding was included.
It today disclosed the identities of the three other directors nominated by Grenon.
They are Philip Crump, Desmond Gittings and Simon West.
Another shareholder that is understood to have views on the governance of NZME, Osmium Partners, has separately nominated two candidates to stand for the board; John Lewis and Adam Hoydysh.
Labour Party media spokesperson Willie Jackson voiced alarm over Grenon’s attempted boardroom coup last week.
He described it as the “last thing we need in the media — another alt-right rich guy who hates anything that resembles diversity”.
“News organisations are closing, journalists are losing their jobs and now billionaires are 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”.
Media and Communications Minister Paul Goldsmith reiterated on Tuesday that he had asked for “an update on the situation”.
But he told The Post he “just wanted to get a sense of what was happening”.
Goldsmith said he couldn’t envisage any situation in which he might intervene in any way. Nor at the moment did he have any concerns about the implications for democracy.
“How private companies arrange themselves is over to them. We’ll wait and see what happens.”
In his more recent statement, Grenon said the main driver for the shareholders seeking to replace NZME’s board was the company’s operational performance.
Its editorial content was “very much a side issue” but was also ultimately the board’s responsibility, he said. “I expect there will be an editorial board, with representation from both sides of the spectrum.
“Wealthy people are not all alike and come from all spectrums, including moderate,” he also said.
“I do not have a history of being either a public or political person but I am concerned about the quality of the media in New Zealand.”
In his comments to TVNZ, which were made in response to concerns voiced by E tū negotiation specialist Michael Wood about his boardroom bid, Grenon appeared to advise the broadcaster on how it might conduct its own work, saying he “looked forward to TVNZ doing a good job challenging the union rep” on his line of attack.
“From where I sit, they were trying to use you,” he told the state-owned broadcaster.
Who wants to take control of NZME’s board
Jim Grenon
James Grenon, also known as Jim, is a Canadian-born billionaire who currently lives in Takapuna after moving here with his partner in 2012.
He founded Canadian firm Tom Capital Management which has interests in the oil and gas, financial services, manufacturing and real estate industries.
He was a director of news website The Centrist until 2023, which said its purpose was to present “under-served perspectives” and challenge mainstream media.
Philip Crump
Crump is a lawyer who began his career at Russell McVeagh in Auckland before spending 20 years overseas, including as a partner at Kirkland & Ellis in London.
He has blogged under the pseudonym of Thomas Cranmer and was briefly the founding editor of Newstalk ZB’s subscription website ZB Plus.
He has been appointed by the Government to the board of NZ On Air and to the Waitangi Tribunal.
Desmond Gittings
Gittings is an accountant and the managing director of private equity firm Caniwi Capital, which is chaired by high-profile conservative Troy Bowker.
Bowker, who owns about 3% of NZME and has publicly backed Grenon’s board takeover attempt, came under fire in 2021 for accusing entrepreneur Sir Ian Taylor of “sucking up to the left Māori loving agenda” and was a vocal opponent of the comprehensive capital gains tax proposed by Sir Michael’s Cullen Tax Working Group.
Gittings himself is also a former chief financial officer of wine company Ager Sectus Wine Estates.
Simon West
West is a former director Trade Me director, the former chief executive of retailers Torpedo7 and EziBuy and worked for a year as The Warehouse’s chief commercial officer.
A seasoned businessman, West appears to have made no public statements in the media that shed much light on any particular political views or leanings.