Business-to-business publications

NBR understands there are seven bidders putting in final tenders, from an initial pool of 20 initially involved in the process.

The company has effectively been shopped around to every media outlet in New Zealand, and some overseas – including struggling heavyweights Fairfax and APN.

NBR understands that the company now favours selling off individual publications, rather than continuing to push for an overall sale.

The company’s highly successfully event sponsorships, such as Management magazine's Deloitte Top 200 awards, will be included as part of each magazine’s package, if sold individually.

The circumstances surrounding her departure from 3Media were kept confidential.

The group is currently split evenly among its three directors, Reg Birchfield, Raymond Little and Peter Mitchell who are all on, or approaching, their 70th birthdays and looking to sell the company to retire.

3Media was formed in February 2007 from the merger of Marketplace Press, Profile Publishing and Review publishing and includes business-to-business publications such as Admedia, FMCG, NZ Management and NZ Marketing Magazine.

Critics at the time maintained that the company was formed for the purpose of a package sale.Business publication company 3Media Group’s fate may be sealed today, as the final deadline for tenders on its sale closes at 5pm – and the hot tip is for the company’s publications to be split off and sold separately.

DBB executive chairman David Belcher says the bidders run the full spectrum from heavy corporates down to smaller private investors.

NBR understands that the company has seen as much as half of its value wiped off in the last 18 months as the recession bites, and as advertising revenues plummet. The company has been dogged by cashflow problems for most of the last year.

Executive management has also been a problem.

Former chief executive Vicki Lee was restructured out of her job at Pacific Magazines before joining 3Media, and after shifting to her new role with the company in February 2008 did not manage to see out the full year.

Unless otherwise stated, the content of this page is licensed under Creative Commons Attribution-ShareAlike 3.0 License