Bauer Media NZ to close
NZ's largest magazine publisher to close due to impact of COVID-19
Bauer Media has announced it will shutter its New Zealand operations due to the "severe economic impact of COVID-19". An email from CEO Brendon Hill to staff said:
"We understand the New Zealand Government's decision to move to COVID-19 Level 4, but it has put our business in an untenable position. Publishing in New Zealand is very dependent on advertising revenue and it is highly unlikely that demand will ever return to pre-crisis levels."
A statement from Bauer Media said the firm carried out an urgent review of its New Zealand operations and considered all options to keep part or all the business open, including engaging with the New Zealand Government.
Hill added, "An active search is underway to find buyers for our New Zealand assets, including our many iconic titles, however, so far an alternative owner has not been found."
In New Zealand Bauer publishes titles including The New Zealand Listener, Kia Ora, North & South, Metro, Home NZ, Your Home & Garden, NZ Woman’s Day, New Zealand Woman’s Weekly, The Australian Women’s Weekly NZ, and Fashion Quarterly.
Bauer Media Group has confirmed its intent to close the New Zealand business to its staff and that funding will be provided to enable all staff to be paid their full redundancy and leave entitlements.
Hill concluded: “I would like to recognise the impact that this decision will have on our suppliers, customers and the wider publishing industry. This is a very difficult time for the entire media industry.”