Media firm NZME eyes best day in 3 weeks after LoI with Google
24/03/2022 23:04
** Shares of NZME NZM.NZ climb as much as 4.6% to
NZ$1.600, on track for best session since March 3 if gains hold
** Signs a letter of intent with Google for the proposed
supply of news content for Google's News Showcase and other news
products and projects urn:newsml:reuters.com:*:nL3N2VR3ZT
** Says co and Google will now enter period of negotiation
of up to 90 days
** Final agreements are intended to be for a minimum term of
five years
** NZM sees 2022 EBITDA in range of NZ$67 mln ($46.63 mln)
to NZ$72 mln, if co finalises the deal with Google at the end of
the negotiation period
** Stock hits highest level since March 7; up for third
straight day
** As of last close, NZM up ~7% so far this year
($1 = 1.4370 New Zealand dollars)
(Reporting by Upasana Singh in Bengaluru)
((Upasana.Singh@thomsonreuters.com))