Foreign Investor Moves to Seize Control of NZME Board
A Canadian billionaire is attempting to seize control of NZME, the company behind The New Zealand Herald—one of New Zealand’s most established media institutions.
Jim Grenon, an Auckland-based investor with a near 10 percent stake in NZME, is pushing to remove most of the company’s board, replacing them with himself and hand-picked allies. His move has sparked concerns about foreign influence over a key part of New Zealand’s media landscape.
A Backroom Power Grab?
Grenon, who holds shares directly and through his private company JTG4, claims to have the backing of major NZME shareholders controlling around 37 percent of the company. However, NZME’s board has not verified this, and the identities of those shareholders remain undisclosed.
The deadline for director nominations is 11 March, with the decisive vote set for NZME’s annual meeting on 29 April.
Who is Jim Grenon?
Grenon controls Calgary-based private equity firm TOM Group and has ties to alternative media platforms The Centrist and NZ Essential News, which have run controversial content questioning vaccines, climate change, and identity politics. Critics argue his involvement could push NZME’s editorial direction away from credible journalism.
Meanwhile, San Francisco investment firm Osmium Partners, which owns 6.5 percent of NZME, has also nominated board members. It remains unclear whether Osmium is working with Grenon or pursuing its own agenda.
The Future of New Zealand’s Media at Stake
With NZME at risk of falling under foreign control, the coming weeks will determine whether Kiwi shareholders stand firm or allow Grenon to reshape the country’s largest media group to fit his interests.
For now, the battle for The New Zealand Herald is well underway.