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
Most listened to
- Business Week in Review with Grant Walker & Andrew Patterson
- Matthew Hooton on what a National win in Mt Roskill could mean for Labour
- Tim Hunter on Sky's awkward Chinese problem
- Paul Goldsmith's attempt at insolvency law reform has been hijacked by a 'basked of deplorables' says Damien Grant
- First Retail Group's Chris Wilkinson on Pumpkin Patch's worsening situation