Bauer Media closes publishing business in New Zealand
Bauer Media will close its New Zealand arm, ending decades of publishing, closing several titles and making its entire workforce redundant.
The publisher announced the news this morning, saying the “severe economic impact” of coronavirus (COVID-19) meant the business was no longer viable.
And Pacific staff are still being told the sale is going ahead. Lol lol lol
Totally shambolic
Can’t wait to hear the spin Pacific/Bauer teams put on this next week when their sale is supposed to be “finalised”. Management will be working hard over the weekend before undoubtedly delivering the news that their teams will remain in limbo with no direction whatsoever.
Well I hate to say it… The writing was on the wall a few years ago. If they had just invested more into GOOD digital products they might have just been able to keep their heads above water and make it through this crisis. BUT NO…. They carried on, getting rid of developers and digital experts, creating crap sites (XXX to Love sites) and not pouring money into a dying medium. The Covid 19 Lockdown is just the catalyst. I feel sorry for all of those hard workers at Bauer NZ – just terrible!
pac mag is too expensive for 40m now and bauer is not stupid. it should cost less than 1m or deal breaker in current condition. the deal will be null and void.
Dig a bit deeper on this one. NZ government has come out and said they offered Bauer multiple options to keep the company going and their employees in jobs – Bauer rejected them all (didn’t even want to talk).
Corona didn’t kill them, they’re just using it as an excuse
The German Bauers don’t mess around.
Bauer is german and obviously not bunch of idiots. They are able to get out, they shall and will, of the pac mags takeover deal through material adverse change clause(mac clause). No biggies they are using it now and will certainly win if this ends up in court. Who the hell is willing to pay 40mill for horse and buggy takeover in this day and age with zero ad revenue for the next 2 years in lockdown environment not even for free!!!!
fo’ shizzle my nizzle, Bauer even tried to sell its NZ business to NZ government for a dollar at the last minute in an attempt to get away with NOT paying its staff redundancy and other debt/expenses. you think the pacmags deal will go ahead with Bauer stupidly paying 40+ mill and 6 mill for ad revenues in the next 3 years to SWM ?!!!. LMAO.. Dream on… Bauer will fight this to the end, taking whatever it takes to get f out.. but yea MAC clauses luckily for Bauer shall be easy unopposed way out and run away from the takeover. phew.. thanks to ACCC for playing a massive role on this delaying tactic in current black swan environment