NZX, the stock exchange operator, has agreed to sell its online news unit NewsRoom to Sublime Group for an undisclosed sum, after undertaking a strategic review of options for the business.
The sale will take effect from the end of the month and won't have a material impact on NZX's results or financial position, the Wellington-based company said in a statement. NZX bought NewsRoom in 2007 for $1.18 million, and started reviewing the unit's future with the stock market operator last year.
Auckland-based Sublime automates manual workflows to reduce the cost of doing business, according to its website. It counts Craig Pellett and Cowan Pettigrew as its biggest shareholders.
NZX shares were unchanged at $1.26 today.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- NBR Radio head-to-head: Fed Farmers and SAFE on abused bobby calves
- Christchurch's City Care arm on the block
- First-half profit fall for newly NXT-listed G3
- NZ dollar little changed as RBA review looms, local business confidence improves
- Building and infrastructure – Auckland’s optimism up, Canterbury’s down
Most listened to
- Who are the winners and losers in Labour's re-shuffle? Rob Hosking explains
- Head-to-head: Federated Farmers director Katie Milne and SAFE executive director Hans kriek debate dairy industry's treatment of bobby calves
- Full Flavour managing director Jesse Archer says Ultra Fast Fibre gave him the "two fingered salute"
- Sally Lindsay and Chris Hutching talk about the latest in property news in Property Talk
- Keep Our Assets Murray Horton on Christchurch Council asset sales