NZME (ASX:NZM, NZE:NZM) and Gumtree Group's (ASX:GUM) Gumtree Australia Markets division signed a memorandum of understanding to explore the development of a competing digital marketplace in New Zealand's automotive market, according to a Friday filing with the Australian and New Zealand bourses.
The agreement outlines a two-phased approach to firstly evaluate and then potentially launch the new venture.
The two firms also entered into a content-sharing partnership whereby NZME's Driven Car Guide will publish selected Carsguide automotive reviews and articles, with advertising revenue shared between them.
The agreement also allows for reselling Gumtree's digital advertising inventory to New Zealand audiences through NZME's multi-platform offering.
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