Canadian Billionaire Jim Grenon Solidifies Control as NZME Largest Shareholder

Jim Grenon has increased his stake in NZME to 19.9%, just shy of the takeover threshold, making the Canadian billionaire the largest shareholder in the media firm.

By: AXL Media

Published: Apr 2, 2026, 9:44 AM EDT

Source: RNZ (Radio New Zealand)

The Transaction and Strategic Accumulation

In a series of strategic market moves, Canadian billionaire Jim Grenon has formally become the primary shareholder of New Zealand Media and Entertainment (NZME). According to recent filings with the NZX, Grenon executed a purchase of nearly 1.8% of the company's total shares, a transaction valued at just under $2 million. This incremental acquisition brings his total equity to 19.9%, a calculated figure that places him at the absolute limit allowed under New Zealand’s Takeovers Code before a compulsory offer for the entire company would be triggered.

Regulatory Boundaries and the 20% Threshold

The precision of Grenon’s 19.9% stake highlights a sophisticated navigation of New Zealand’s regulatory landscape. Under the Takeovers Code, any shareholder who crosses the 20% mark is legally required to make a formal takeover offer to all other shareholders, unless specific exemptions apply. By pausing at 19.9%, Grenon maximizes his influence and voting power within the boardroom of the country’s largest print and radio news provider without the immediate financial burden or regulatory scrutiny of a full acquisition. This "creep" strategy allows for significant control over the company's future direction while maintaining liquidity.

Strategic Rationale and Media Consolidation

This increase in shareholding reflects a broader trend of consolidation and activist investment within the New Zealand media sector. NZME, which operates flagship brands including the New Zealand Herald and Newstalk ZB, has recently undergone significant governance shifts. Grenon’s move to become the largest shareholder follows his successful bid to join the board in mid-2025, signaling a long-term commitment to reshaping the company’s digital and editorial strategy. The investment suggests high confidence in NZME's ability to monetize its audience in an increasingly competitive digital landscape where traditional print revenues continue to face pressure.