Nine has confirmed that it has signed an agreement for the sale of Stuff Limited, in a transaction which is expected to complete by May 31, 2020.

The transaction will be a management buyout with Stuff Chief Executive Sinead Boucher, taking over the business as it returns to New Zealand ownership.

“We have always said that we believe it is important for Stuff to have local ownership and it is our firm view that this is the best outcome for competition and consumers in New Zealand,” said Hugh Marks, CEO of Nine.

Sinead Boucher said the transaction gives Stuff, as a wholly New Zealand owned media business, far greater certainty in an industry navigating through the challenging waters of the post COVID-19 ad market.

Nine acquired ownership of Stuff in 2018 following its merger with Fairfax Media. Part of the proceeds from the recent sale of internet service provider Stuff Fibre will be used to assist Stuff to operate as it settles into its new ownership structure.