NZX - COMMAND AND CONTROL ?

We like Cactus think that there is a fair degree of whiffiness about the purchase of CountryWide Rural publishing by NZX. Yesterday we put up a post about the concerns Australian regulators are having over the merging of advertorial and editorial, the greying of the media. Trans Tasman is asking ComCom to take a look a the purchase.

Fran O'Sullivan has done a very considered piece on the NZX media purchase but she too wants ComCom to take a look at just what they are on about after leaked memo indicates that NZX is heading towards " world dominance" of rural information.

We think that the last few paragraphs of this story are the most pertinent. Fran asked Weldon if the new stable of publications would have editorial independence - of course says Weldon. Then she asked him about the feisty Alan Robb who has written some pithy articles in Diary Exporter about Fonterra and NZX's wimpy attitude to some disclosure issues.

""One intriguing factor is that NZX Rural will now own NZ Dairy Exporter, which has published some vigorous articles by accountancy expert Alan Robb questioning why the exchange did not compel Fonterra to restate its recent interim accounts to directly marry up with the 2007 financial year interim result.

Robb has taken a gutsy approach on this score.

Weldon maintains that Fonterra disclosed the nature of the changes to the market, and the NZX had communicated with the co-op and was comfortable that there was sufficient disclosure to meet the needs of bond investors.

Herald: "Would the exchange protect the editorial integrity of its publications?"

Weldon: "The answer to that is, without question, yes. There is, I have to say, a fair degree of disappointment from myself and internally that we've got this person Alan Robb whom we now pay who apparently has issues with presuming what our level of integrity about editorial is."

Speaks volumes.""

Yip we agree, ComCom needs to have a look and it reiterates our point in running the post about the merging of editorial and advertising. If Weldon doesn't get it then he has no business buying an independent media stable.

NZX IS ON NOTICE FROM THE BARBED BARBIE

Not sure how many billables Cactus is pumping out but she sure as shit is writing some bloody good stuff. She puts most business reporters and commentators to shame. She should be picked up by the main stream media to add some pith into the bland NZ business reporting landscape. We are lucky to have Fran O'Sullivan, Brian Fallow, the stable at Trans Tasman who poke out some good stuff from time to time and we dont always agree with her but Jenni McManus is always a good read. Patrick Smellie is left of the totem pole as well but he still writes like a dream. And there is some great stuff coming out from NBR's online site as well. Rob Hosking being one. But thats pretty much where it ends. So read Cactus's latest barb pointed at NZX.

She is doing the country a favour. And we agree its time ComCom got off its arse and investigated the purchase of Countrywide rural publishing by NZX.

NZX SHIFTS FROM CORE BUSINESS

Just in from NBR

This does not look like an inspired decision.

NZX has bought the paper stable of rural publisher CountryWide.

We find it a strange investment in troubled times.

Mr Weldon says the deal is important as the primary sector underpins the New Zealand economy and the team at Country-Wide deeply understands its farmer readership.

“Farming is the biggest single industry in New Zealand, and farmers are innovative businesspeople who rely on timely and robust data and information to make sound decisions.”

The publisher produces 78 publications a year under seven mastheads and had a turnover of more than $7 million in 2008.