James “Jim“ Grenon, a Canadian private equity investor based in Auckland, dropped ~$10 million on Friday to acquire 9.321% of NZME.
Grenon owns one of the most expensive properties in New Zealand.
He has based himself here with his partner since 2012.
Grenon made headlines on numerous tax, law and finance websites around the world when he moved $68.2m to New Zealand while involved in court action with Canada's tax agency.
It’s all very significant.
According to the Herald:
Grenon practised briefly as a lawyer before pursuing corporate and finance interests.
“The documents also revealed he gained significant wealth from the early stages of the oil and gas industry and had a penchant for in-depth study of tax law and, it would appear, for litigation.”
And
“There is no current intention to make a takeover bid.”
In 2023, Business Desk reported Grenon was a paid election promoter in New Zealand, linked to the NZ News Essentials website, which was a “site dedicated to attacking the then [Labour/Green Party] Government.”
That appears to be now rebranded as Centrist NZ, which appears to include interesting headlines mocking anti-Treaty Principles Bill witnesses, may exacerbate transgender concerns, and suggests New Zealand media promotes ‘state propaganda.’
Rupert Murdoch’s The Australian reported recently that “some wealthy Kiwis” - including an unnamed Canadian billionaire - were planning a bigger stake and even looking at privatisation of NZME, which also owns property portal OneRoof.
The Australian speculated new owners could help shape the editorial direction of the Herald.
It suggested that Nick Mowbray - the co-founder of the toy business Zuru - was a potential candidate, along with the unnamed Canadian billionaire.
And although Mowbray denied it, he praised NZ Herald as “the most fair of [the] NZ media mix.”
Billionaires running the country and pushing their ideologies?
Did you think that was only in the United States?
Interestingly, when I personally look at the policies of our current NZ First - ACT - National Coalition, I see these faces come to the fore.
Related Articles:
NZ's Coalition Government flings doors WIDE open for rich foreigners
Over the weekend, David Seymour announced the government’s plans to “overhaul” the Overseas Investment Act.
As if the Herald wasn’t bad enough - make way for the rich pricks…
Aue. Add NZME to the boycott list.