NZX sells NewsRoom to Sublime Group for undisclosed sum

NZX, the stock exchange operator, has agreed to sell its online news unit NewsRoom to Sublime Group for an undisclosed sum, after undertaking a strategic review of options for the business.

The sale will take effect from the end of the month and won't have a material impact on NZX's results or financial position, the Wellington-based company said in a statement. NZX bought NewsRoom in 2007 for $1.18 million, and started reviewing the unit's future with the stock market operator last year.

Auckland-based Sublime automates manual workflows to reduce the cost of doing business, according to its website. It counts Craig Pellett and Cowan Pettigrew as its biggest shareholders.

NZX shares were unchanged at $1.26 today.

BusinessDesk.co.nz

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