After restructuring to allow such a possibility, Sinead Boucher’s NZ media business Stuff has taken UK-owned web publisher TradeMe as a partner in its Stuff Digital operation.

Significantly, the deal excludes Stuff’s Masthead Publishing business – formed primarily of newspaper mastheads The Post, The Press, the Sunday Star Times, several magazines and also the group’s events and Neighbourly businesses.

Value of the transaction, based on a 50 per cent share, has not been disclosed. It is expected to close “in the next few months” and follows an approach from NZME!, Stuff’s main competitor and the publisher of the New Zealand Herald.

NZME! is itself the subject of some turmoil, with attempts by shareholder Jim Grenon to take control of the board expected to reach some sort of resolution shortly.

Stuff's property section will be branded TradeMe Property, with shared listings, advertisements and some content shared, lining the two up to compete more strongly with NZME’s growing OneRoof product.

Under the deal with TradeMe, Stuff Group owner Sinead Boucher – famously the former “girl reporter” who started a career with the Christchurch Press and ended up buying it for $1 – will chair a new board, with equal representation from both companies and Stuff retaining operational control.

She said the agreement provided for “brilliant new opportunities together, and for Stuff Group, continued investment in technology and talent for the future.

“It was important to me that we found the right partner at the right time in our growth strategy, protecting our fiercely independent media business.”

Trade Me is wholly owned by British private equity firm Apax Partners.

Below: The TradeMe website