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The latest update is out from Market Herald Ltd ( (AU:GUM) ).
NZME Limited has signed a Memorandum of Understanding with Gumtree Group to explore the development of a new digital marketplace in New Zealand’s automotive sector, which is currently dominated by a single player and valued at approximately $125.3 million annually. This strategic move aims to leverage NZME’s extensive audience reach and Gumtree’s technology to offer a competitive alternative in the market, potentially benefiting both automotive dealers and consumers. The partnership also includes a content-sharing agreement and the potential for reselling digital advertising inventory, aligning with NZME’s strategic direction to expand its digital business and create value for shareholders.
More about Market Herald Ltd
NZME Limited is a prominent player in the New Zealand media and entertainment industry, known for its diverse range of services including news, radio, and digital platforms. The company is focused on expanding its digital presence and market share, particularly in the automotive classifieds sector.
Average Trading Volume: 113,623
Technical Sentiment Signal: Sell
Current Market Cap: A$32.1M
For a thorough assessment of GUM stock, go to TipRanks’ Stock Analysis page.