A boardroom battle is under way for the future of one of New Zealand’s biggest media companies.

Auckland-based Canadian billionaire Jim Grenon has emerged as one of the biggest shareholders in NZME – the owner of the NZ Herald, Newstalk ZB, OneRoof and many music radio stations.

He now owns 9.97% of the company and hopes shareholders will vote out the company’s current board members and install himself and three others at an April 29 shareholder meeting. A majority of 50% of shareholders’ votes is needed to roll the current board.

Media Insider and NZME editor-at-large Shayne Currie told The Front Page that while Grenon may have seemed a mystery man initially, more details are emerging of his business background. “He is a Canadian billionaire who made his money through private equity and investing in other businesses… [he] moved here in 2012, is a Kiwi resident, and lives in Takapuna.”

When it comes to the board reshuffle - which lobby group NZ Shareholders’ Association is saying could be seen as a “takeover by stealth” - Currie said Grenon had indicated to NZME that he has close to majority support needed.

Australian-based Spheria Asset Management, which owns 19% of NZME, says a board shake-up is necessary and is backing the billionaire.

“That’s a significant number to get to the 50% majority. This is a very fast-moving story, and I expect that Mr Grenon himself and his supporters will be expecting to be over that 50% majority.

“I also know that NZME will be talking to all of its shareholders in one way or another in terms of presenting just how the company is faring, its progress over the last 12 months, and what’s planned,” Currie said.

It’s unclear what Mr Grenon’s intentions are – but he did send NZME a letter outlining some of what he sees as operational and governance concerns.

“I’ve been requesting that letter from both NZME and Mr Grenon’s group. So far, it hasn’t been released. I do expect it will be released at some stage ahead of the annual shareholders’ meeting. In that, we’ll get a sense of really the editorial endeavour that Mr Grenon is talking about here.

“I guess the devil is in the detail in terms of what that specifically means,” Currie said.

E tū union members have sent an open letter to the NZME board and Grenon that focuses on the need for editorial independence to continue.

“They just want reassurances that any new board members, including Mr Grenon, will uphold that editorial independence,” Currie said. “And so far, the noises from Mr Grenon have actually been very positive about editorial output and input. So, the union is seeking a one-on-one meeting with Mr Grenon, just to be reassured itself on those points.”

Grenon is yet to agree to an interview about his boardroom moves, but in a statement, he said the “editorial content is very much a side issue but the quality of the journalism does impact everything else in the business and is also the board’s ultimate responsibility.

“The new board intends to improve on the journalism, with an emphasis on factual accuracy, less selling of the writer’s opinion and appealing to a wider political spectrum,” it said.

Listen to the full episode to hear more about Grenon’s bid and about the wider NZ media landscape.

The Front Page is a daily news podcast from the New Zealand Herald, available to listen to every weekday from 5am. The podcast is presented by Chelsea Daniels, an Auckland-based journalist with a background in world news and crime/justice reporting who joined NZME in 2016.