In an announcement on the New York Stock Exchange March 31, News Corporation confirmed it had bought interest.co.nz in New Zealand.
Rupert Murdoch said he was delighted with the transaction because it gave News a broader voice in a 'rock star' economy.
He said the the timing was especially good because this was an election year in New Zealand and the New Zealand voters would greatly benefit from the independent analysis of the Fox News team. "It will be fun to help my good friend Winston Peters get over the 5% threshhold," he said.
He confirmed there would be a complete clear out of the present interest.co.nz journalists - "especially that communist, Bernard Hickey".
John Key reportedly groaned when told the news - "Who needs friends like that?," he said.
Greens leader Russel Norman said his party was unfazed by the move, saying his supporters never read interest.co.nz anyway. His non-negotiable was being deputy Prime Minister in a new government, and the Greens were a party of principle. But in the election negotiations, if other parties didn't like their principles, they had others. He just didn't want Peters becoming deputy Prime Minister.
Murdoch also confirmed that interest.co.nz would institute a 'hard' paywall soon. Fox News was extremely valuable, he said, and no-one should be able to read it for free. He has shareholder expectations to meet and he won't be diverted from that.
The price of the transaction was not revealed; however Publisher David Chaston said 'squillions' were involved.
New Corporation takes over interest.co.nz immediately.
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