Sinead Boucher, the CEO of news company Stuff Ltd, has bought the company from owner Nine for $1.
The move comes after negotiations with rival company NZME, which were teminated in early May, led NZME to unsuccessfully argue that it still had exclusive rights to buy Stuff.
Stuff reports that Ms Boucher paid a direct price for the company of $1 to Nine, which returns the company to New Zealand ownership.
Nine, however, will retain ownership of Stuff's Petone printing plant site while leasing it back to Stuff.
Nine will also receive a 25 per cent share of the money from Stuff Fibre's sale to Vocus, which was announced on May 14.
Ms Boucher's purchase of the company does not require Commerce Commission approval because she is not a competitor to Stuff.
"Today is an important moment for Stuff as a business," Ms Boucher said.
"It is great to take control of our own future with the move to local ownership and the opportunity to build further on the trust of New Zealanders, who turn to us for local and national news and entertainment every day.
"We are looking forward to working closely with staff, customers and our audiences as we embark upon what we believe will be a great new era for the business and the independent journalism it is built on."
SHARE ME