Photo: RNZ/ Brad White
A New Zealand-based Canadian billionaire who has purchased a significant minority stake in the publisher of the NZ Herald and Newstalk ZB is staying mum on his reasons for investing in the company..
James Grenon has spent $9 million to take his shareholding in NZME to 9.3 percent.
Grenon has been linked with alternative news sites, including The Centrist, serving as the company's director up to August 2023.
The Centrist claims to present under-served perspectives and reason-based analysis, "even if it might be too hot for the mainstream media to handle".
Business Desk, an NZME owned publication, previously described The Centrist and its sister site NZ News Essentials as among sites that sprang up targeting disaffected groups on the political fringes.
An NZX notice says the shares are an investment and there is no current intention for a takeover bid.
Grenon told RNZ he has nothing to say about the decision to buy the shares, "at least for the time being".
What do we know about Jim Grenon?
Grenon shifted to New Zealand in 2012 and lives in Takapuna. In 2020 his home was included in a NZ Herald list of New Zealand's most valuable homes, with an estimated value of $19.5 million.
His shift to New Zealand spurred headlines in Canada, as he shifted $68.2m to New Zealand while involved in court action with Canada's tax agency.
He's listed as the founder and advisor of Tom Capital Management, where he is described as having "involvement in many financial success stories", including Canadian Natural Resources Limited, Foremost Income Fund, and the US Properties Group.
As well as being the sole director and shareholder of The Centrist in 2023, Grenon also registered as a promoter in New Zealand's 2023 general election. Registered promoters can promote political views, but if they spend more than $100,000 are required to provide a breakdown of spending to the Electoral Commission.
Grenon did not respond to RNZ's questions at the time about his spending plans: "I appreciate you are just doing your job but I am only willing to providing [sic] information on this as legally required, which I have done."
Grenon did not submit a return, indicating any spending fell below the $100,000 disclosure threshold.
In September 2024, after Grenon ceased his director and shareholding roles, The Centrist said it backed Chantelle Baker's successful defamation case against the NZ Herald and Kate Hannah of The Disinformation Project.
The Centrist reported the NZ Herald had agreed to retract statements, issue an apology and make a payment to Baker. "Though the settlement amount remains confidential, it was significant," The Centrist reported.
It said it was supporting other defamation cases, including Stop Co-Governance Julian Batchelor's lawsuit against TVNZ and Sanjana Hattotuwa.
A new direction for NZME
Last week NZME posted earnings of NZ Herald posted earnings of $54.2 million and a post-tax loss of $16m.
The announcement came amid job cuts and rumblings of a new NZME shareholder. In January NZ Herald's editor-at-large Shayne Currie listed, "An interesting new shareholder will emerge for NZME," among his 25 hot takes for 2025.
In February [https://www.theaustralian.com.au/business/dataroom/privatisation-of-nzme-on-the-cards-amid-complaints-about-nz-herald-clickbait/news-story/f958bb248ad16f0d6267fe5c3f52db5d
The Australian] speculated "wealthy Kiwis" were plotting to take over NZME. The article suggested new owners could shape the direction of the paper.
Zuru's Nick Mowbray was mentioned as a possible candidate but later said he wasn't interested. The Australian article flagged another option: "Others say a Canadian billionaire who resides in New Zealand is eager to get involved."
The article said the chatter about privatisation was based on poor performance, "and complaints from the business community over the quality of the publisher's content".
A presentation that accompanied NZME's 2024 full year results listed three areas of focus for the company.
"Setting a new tone for New Zealand" was one of the three areas of focus. To achieve this, the publisher would"support the reboot of New Zealand's economic recovery by sharing stories of success" and "improve the tone of conversation to build positive momentum for all New Zealanders", the presentation said.
Private ownership is also shaping the editorial tone of major media companies overseas. In the US, tech billionaire Jeff Bezos, who owns The Washington Post, sent a memo to staff last week saying opinion coverage in the paper will focus on supporting "personal liberties and free markets".
Bezos said viewpoints opposing those pillars could be published by other outlets.
"There was a time when a newspaper, especially one that was a local monopoly, might have seen it as a service to bring to the reader's doorstep every morning a broad-based opinion section that sought to cover all views," Bezos wrote. "Today, the internet does that job."
