March 5, 2018 / 9:02 PM / 19 days ago

NZME Ltd says Fairfax merger terminated, terms need rethink

March 6 (Reuters) - NZME Ltd said on Tuesday an agreement to merge its operations with Fairfax Media’s New Zealand unit Stuff Ltd has been terminated and new terms would have to be agreed for the deal to go ahead.

“Given changes in the businesses since 6 September 2016, when the Merger Implementation Agreement was entered into, new commercial terms will need to be agreed for the merger to proceed,” the owner of New Zealand’s top-selling newspaper said.

Both companies have applied for leave to appeal the New Zealand High Court’s decision to block the merger. (Reporting By Rushil Dutta in Bengaluru; Editing by Adrian Croft)

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