AdMedia and NZ Marketing Magazine parent company 3Media Group in voluntary liquidation

3mediaGroup Ltd, New Zealand’s largest privately owned business-to-businesspublishing company, has been placed in voluntary liquidation.

The company’s titles include AdMedia, NZ Marketing Magazine, Onfilm, FMCG, Apparel, In My Kitchen and New Zealand Management.

Thecompany has been for sale for the past three months but prospectivebuyers have had difficulty raising funds to purchase 3media’srelatively large portfolio of magazines, newsletters and industry awardevents.

Insolvency specialists, Gerry Rea Partners, have been appointed liquidators as from today, May 1, 2009.

Themove to voluntary liquidation means business as usual for the majorityof 3media employees until the sale of the portfolio of publications hasbeen accomplished. It also means that the company can more effectivelymanage the sale of the group’s titles in clusters or as individualmastheads or activities. The liquidator, Mr Gerry Rea, says the companywill trade the business until all its assets have been sold.

3mediaowns 15 monthly b2b magazines and newsletters and promotes and managesmajor industry events.  In March it sold the iconic dairy industrymagazine NZ Dairy Exporter to Country-Wide Publications.