New Zealand 'Stuff' future unclear after dueling statements

future of one of New Zealand's largest media organizations remained unclear Monday following a series of dueling stock market anuncements.

confusion centered on Stuff, which prints many of nation's newspapers and runs a popular news website. Stuff is owned by Australia's Nine Entertainment. Like or media organizations, Stuff had financial difficulties before coronavirus epidemic struck and has since seen advertising revenues plunge.

back-and-forth began Monday when rival media company NZME filed an anuncement with New Zealand stock market saying it wanted to buy Stuff for one dollar. It asked government to urgently change law so sale could go ahead.

Regulators had previously rejected plans by two companies to merge, on basis that a combined company would have too much of a mopoly on country's newspapers and online news.

But soon after NZME's filing, Nine countered with an anuncement filed with Australian stock market saying that while two companies had been negotiating, Nine had told NZME that it had “terminated furr engment." In or words, any deal was off.

NZME n filed a second stock market statement, saying two companies remained in a “binding exclusive negotiation period" which had t been validly terminated.

Just where that leaves Stuff remains unclear for w, although furr anuncements are expected in coming days. Broadcasting Minister Kris Faafoi said he had comment yet on NZME's proposal.

NZME stock was up 14% after anuncements.

Since outbreak, NZME has anunced plans to cut 200 jobs while Stuff has temporarily cut its employee’s pay. Last month, German company Bauer Media closed its New Zealand operation and stopped publishing many of country’s magazines.

New Zealand has been largely successful in its goal of eliminating virus, and Prime Minister Jacinda Ardern on Monday anunced a plan to reopen most businesses and schools over next 10 days.