{"id":392042,"date":"2026-04-22T11:49:08","date_gmt":"2026-04-22T11:49:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/392042\/"},"modified":"2026-04-22T11:49:08","modified_gmt":"2026-04-22T11:49:08","slug":"nzme-annual-shareholders-meeting-3-ad-revenue-growth-so-far-in-2026-as-global-volatility-flagged-media-insider","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/392042\/","title":{"rendered":"NZME annual shareholders meeting: 3% ad revenue growth so far in 2026 as \u2018global volatility\u2019 flagged \u2013 Media Insider"},"content":{"rendered":"

\u201cAdvertising revenues are currently tracking to deliver approximately 3% growth across the first four months of 2026,\u201d Boggs told the meeting.<\/p>\n

He said first-quarter 2026 profitability had improved year-on-year, \u201creflecting the advertising revenue growth we are seeing and the run-rate benefit of cost savings initiatives implemented during 2025\u2033.<\/p>\n

NZME owns the NZ Herald, Newstalk ZB, property website\/app OneRoof, BusinessDesk and a suite of entertainment radio stations, including ZM and The Hits.<\/p>\n

\"NZMENZME chief executive Michael Boggs. Photo \/ Annaleise Shortland<\/p>\n

Boggs noted the company\u2019s OneRoof business had more direct exposure to property market conditions. <\/p>\n

\u201cWhile its long-term value proposition remains compelling, the pace of expansion may be moderated in the near term given the softer property market conditions, inflationary pressures, and the potential for higher interest rates.\u201d<\/p>\n

More broadly, he said that given the current operating environment, \u201cthe outlook remains subject to heightened economic uncertainty and global volatility\u201d.<\/p>\n

\u201cManagement continues to closely manage costs, prioritise returns on investment, and preserve financial flexibility.\u201d<\/p>\n

That focus on costs was reiterated by Boggs later in the meeting, while his own remuneration levels were raised by influential Australian-based shareholder Roger Colman, who flew to Auckland for the gathering.<\/p>\n

\"NZMENZME directors Kate Parsons (left), Guy Horrocks and Jim Grenon. Photo \/ Annaleise Shortland<\/p>\n

A few minutes earlier in the meeting, Colman presented NZME director and major shareholder Jim Grenon with a small toy lawnmower mounted on a plaque, in recognition, he said, of Grenon helping cut costs over the past 12 months.<\/p>\n

Colman later followed that up with a question that he said he was asking on behalf of another shareholder he was representing \u2013 it was focused on Boggs\u2019 salary since 2016.<\/p>\n

\u201cI think the board has to start looking \u2013 this is now my opinion from the voices I hear \u2013 at CEO succession in due course.\u201d<\/p>\n

Colman also said there had been \u201ca bit of disquiet\u201d about some of the \u201cpretty poor market share performance of the company\u201d.<\/p>\n

Joyce said in response that Boggs had taken a reduction in remuneration in recent times, \u201cwhich is appreciated by the board\u201d.<\/p>\n

According to the latest NZME annual report, Boggs earned $1,182,302, including a base salary of $809,822 in 2025. <\/p>\n

\"NZMENZME chairman Steven Joyce. Photo \/ Annaleise Shortland<\/p>\n

Joyce referred to the broader financial performance of the company over the past 12 months, following the overhaul of its board.<\/p>\n

\u201cWe feel that this is very much a report card on a first year of improving profitability for the company, and we believe there\u2019s plenty of work to do both on the revenue growth side and on the cost reduction side,\u201d Joyce said.<\/p>\n

\u201cI\u2019d say let\u2019s see how the next year goes \u2013 subject to, of course, who\u2019s invading who around the world \u2013 but we\u2019re feeling positive about the direction of travel and we definitely understand the desire for improved performance.<\/p>\n

\u201cI\u2019d ask you to see the December year 2025 as the first step along that path.\u201d<\/p>\n

In February, NZME announced operating ebitda of $62.3 million for 2025,<\/a> up 15% on the previous year, and a net profit after tax of $13.1m, turning around the previous year\u2019s $16m loss.<\/p>\n

The result for the 12 months to December 31 had been partially driven by a \u201cradio resurgence\u201d, the company told investors in February, as well as operating ebitda growth in digital publishing and property portal OneRoof.<\/p>\n

In his own formal address today, Joyce also acknowledged the uncertainty.<\/p>\n

\u201cBusiness and consumer confidence had started to strengthen through 2025, but that has now tempered due to global events and domestic cost pressures. <\/p>\n

\u201cAs you can see by those stark changes to the Consumer Price Index and REINZ House Price Index forecasts … movements over the last six months reflect that current volatility, which has led to a dampened outlook for 2026 compared with prior economic forecasts.\u201d<\/p>\n

However, he said NZME was confident it was positioning itself well \u201cto take advantage of any upside that occurs as the year progresses\u201d.<\/p>\n

NZME did not provide any earnings guidance at the meeting.<\/p>\n

Shareholders today overwhelmingly re-elected directors Bowen Pan and Kate Parsons, in a meeting that was far less intense than last year\u2019s gathering, in which a new board was installed, including Grenon, and Joyce as chairman.<\/p>\n

Grenon, who now holds just over 19.90% of the company, was also at today\u2019s annual shareholders meeting, but apart from saying a brief thank you to Colman, he did not address the meeting.<\/p>\n

At one stage today, a shareholder raised concerns about the Herald\u2019s climate coverage, and the response he had received from the newsroom. He felt it was a political response. The full details of the complaint were not outlined at the meeting.<\/p>\n

In response, Joyce said: \u201cWe are not here to be a political organisation, we are here to be a media organisation.\u201d<\/p>\n

He said the company\u2019s editor-in-chief Murray Kirkness was reviewing the matter. <\/p>\n

Independent workplace review<\/p>\n

Boggs told the meeting that the period in which former OneRoof boss Greg Hornblow had been arrested and charged<\/a> was \u201cdisturbing\u201d.<\/p>\n

Hornblow\u2019s sacking and the subsequent departure of two other senior NZME managers led to an independent workplace review.<\/p>\n

Joyce updated shareholders on that today.<\/p>\n

\u201cIn February of this year, the board commissioned an independent workplace review following the termination of employment of three senior managers from two of our business units late last year. <\/p>\n

\u201cThe review concluded that the departure of the three senior managers from OneRoof and ZM addressed specific safety and welfare issues which were identified at the time in those two businesses. <\/p>\n

\u201cMore generally, the review found that NZME had more work to do in order to \u2018promote and maintain a supportive work environment in which employees and other persons are treated with respect and dignity\u2019. <\/p>\n

\u201cThe report found that in order to encourage people to report inappropriate conduct in the future, a number of company practices will need to be strengthened. <\/p>\n

\u201cThe board will oversee delivery of those changes and will receive regular reporting on progress, with staff also being kept updated.\u201d<\/p>\n

While Pan and Parsons were re-elected to the board, Dunedin City councillor Benedict Ong \u2013 who nominated himself \u2013 missed out, with a landslide of votes against his nomination.<\/p>\n

Ong gave an impassioned speech to the meeting, but had to leave early, before the meeting was over.<\/p>\n

Notes to the meeting stated that the board did not have sufficient information to form a view on what Ong\u2019s skills and expertise would bring to the table.<\/p>\n

\u201cThe board is of the view that the ongoing board, which, following the retirement of Carol Campbell, will be comprised of six directors including those directors up for re-election, is an appropriate size, and possesses an appropriate balance of skills and expertise having regard to the size and nature of NZME\u2019s business.”<\/p>\n

NZME shares sat at $1.10 on Wednesday evening, up 1c on the previous close.<\/p>\n

Editor-at-Large Shayne Currie is one of New Zealand\u2019s most experienced senior journalists and media leaders. He has held executive and senior editorial roles at NZME including Managing Editor, NZ Herald Editor and Herald on Sunday Editor and has a small shareholding in NZME.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cAdvertising revenues are currently tracking to deliver approximately 3% growth across the first four months of 2026,\u201d Boggs…\n","protected":false},"author":2,"featured_media":392043,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[2246,25490,1740,2851,4765,806,123696,138,37462,3937,8608,1656,3938,528,1138,112461,1437,3499,78,2936,202663,1073,2374,5494,111,139,69,26263,18154,202664,7493,23563,30203,17509,13172,52164,8238,22390,6123],"class_list":{"0":"post-392042","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-2246","9":"tag-25490","10":"tag-ad","11":"tag-also","12":"tag-annual","13":"tag-as","14":"tag-boggs","15":"tag-business","16":"tag-chairman","17":"tag-chief","18":"tag-comes","19":"tag-company","20":"tag-executive","21":"tag-far","22":"tag-firm","23":"tag-flagged","24":"tag-global","25":"tag-growth","26":"tag-in","27":"tag-insider","28":"tag-joyce","29":"tag-media","30":"tag-meeting","31":"tag-michael","32":"tag-new-zealand","33":"tag-newzealand","34":"tag-nz","35":"tag-nzme","36":"tag-political","37":"tag-reiterates","38":"tag-revenue","39":"tag-salary","40":"tag-shareholders","41":"tag-so","42":"tag-spotlight","43":"tag-steven","44":"tag-under","45":"tag-volatility","46":"tag-while"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/392042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=392042"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/392042\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/392043"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=392042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=392042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=392042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}