Media company NZME is considering separating its property brand OneRoof into an entirely new business.

The company - which also owns Newstalk ZB and the New Zealand Herald - is reporting full-year earnings of $54.2 million and a net loss after tax of $16 million after impairment. 

Operating revenue is up 2 percent, but earnings are down by 3.6 percent.

Chief Executive Michael Boggs says they're doing a strategic review of OneRoof.

"How is it structured, and what is the best way of the shareholdings of that business? Should we own all of it - or should there be other shareholders in it, for example? Should we be investing more into it?"

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