Confusing signals from across the Tasman, where NZME lost a High Court claim that only it had the right to offer Australia's Nine Entertainment NZ$1 to buy rival Stuff.

Now Nine will look at other prospective purchasers. NZME's claim was news to Stuff chief executive Sinead Boucher, who said earlier there was "no deal", and that talks between NZME and Nine had been terminated.

"We are really not sure why NZME took this step, given the clear message from our owners that there would be no transaction," she had told staff.

After years of having their attempts to merge blocked by competition regulators, talks had been brought to a head as a result of the pandemic.

Stuff had asked higher-paid and executive staff to take pay cuts between 15-25 per cent, while Boucher had set the bar with a self-imposed 40 per cent cut.

Over at NZME - which owns radio stations and newspapers including the New Zealand Herald - 200 job losses were announced last month, with remaining staff also asked to take a pay cut for three months.

Between them, the two companies are by far New Zealand's largest newspaper publishers. An acquisition of Stuff by one of the country's smaller independent media companies would be more likely to get regulator approval, but so far a prospective purchaser for the whole business has not come forward.

• NZME's attempts to enforce the rights it claimed were dismissed with the High Court's refusal this week to grant an interim injunction.

Justice Katz's decision not to make interim orders sought by NZME means the publisher has not been able to enforce a contract of exclusivity it claimed with Australian owner Nine.