Gumtree Australia Markets Limited (ASX:GUM) Signs MOU with NZME
Strategic Partnership
Gumtree Australia Markets Limited has signed a Memorandum of Understanding (MOU) with NZME Limited to explore the development of a competing digital marketplace (with a two-phased approach to first evaluate and then potentially launch the new venture) in New Zealand’s automotive sector, valued at approximately $125.3 million annually.
Content Sharing Agreement
The partnership includes a content-sharing arrangement where NZME’s Driven Car Guide will publish select Gumtree’s Carsguide automotive reviews and articles, with advertising revenue shared between both parties. Additionally, Gumtree’s digital advertising inventory will be resold to New Zealand audiences through NZME’s multi-platform offering.
Executive Comments
Gumtree Group Managing Director Tommy Logtenberg said, “the partnership with NZME provides an exciting opportunity as there is a significant need for competition in the New Zealand’s online automotive market.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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