A few days ago, 2 March 2025, I read this story from the NZ Herald: "Media Insider: Canadian billionaire James Grenon takes substantial stake in NZ Herald publisher and Newstalk ZB owner NZME".

It's paywalled but here is a quote:

 

An Auckland-based Canadian billionaire previously linked to an alternative news venture has taken a substantial share holding in NZME, the owner of the NZ Herald, Newstalk ZB and BusinessDesk.In a release to the NZX today, Canadian private equity tycoon James Grenon has been listed as a substantial holder of NZME, with a total shareholding of 9.3%.“These shares are being purchased for investment purposes,” according to the NZX notice. “There is no current intention to make a takeover bid.”

 

In four days the "No current intention to make a takeover bid" turns into "Billionaire moves to clear NZME board, add himself, days after buying 9% stake"

 

The Canadian billionaire who bought a 9% stake in NZ Herald publisher NZME days ago is now seeking to remove the board - and install himself as part of a new group of directors.

 

According to an update on the NZX website, James Grenon - through one of his NZ-registered companies - has written to NZME proposing to overhaul the board.

 

“NZME further advises that it has today received a letter from James (Jim) Grenon, in his own right and through his entity, JTG 4 Limited (JTG), which contains a proposal to remove all of the current directors of NZME and nominations for the appointment of four new directors to the NZME Board, to be voted on at the upcoming Annual Shareholders’ Meeting,” the NZX update states.

 

“The draft explanatory notes to Mr Grenon and JTG’s letter indicate that it is intended that the four proposed nominee directors would choose a fifth director from the existing NZME Board”.

 

Also from the first article:

 

BusinessDesk revealed in 2023 that Grenon - the founder of Calgary-based investment firm Tom Capital Management - was associated with an alternative news venture The Centrist and its sister website NZNE.

 

As BusinessDesk reported, “NZNE and its sister website, The Centrist, have emerged over the past year amid a proliferation of new media companies formed to challenge established ‘mainstream’ outlets, often targeting disaffected groups on the political fringes”.

 

And from today's article:

 

He was also the company director of The Centrist until August 2023. The news website said its purpose was to present “under-served perspectives”, and challenge mainstream media.

 

The Centrist is now owned by fellow Canadian Tameem Barakat. Barakat has featured on right-wing New Zealand social media influencer and conservative activist Chantelle Baker’s Instagram page in 2023, asking members of the public about “the state of New Zealand’s media”.

 

The Centrist reported it had been supporting Baker with her legal challenges against NZ media.

 

It supported Baker’s defamation complaint against NZ Herald and Kate Hannah of The Disinformation Project, who had made claims about Baker online.

 

In my opinion we might be reaching a point in that we won't be able to trust the media, not because of the reasons some fringe movement thinks, but because the fringe movement could be taking over it.