A run through this year’s major deals, what they signify and what might happen next.

Trade Me bought into Stuff. Sky acquired Three. Radio’s strength continued. Search became complex. AI’s impact expanded. 2025 has been another year of rapid change for local media, and in this week’s episode of The Fold, Duncan Greive and media agency executives discuss it. The conversation covers all of the above and also casts ahead with predictions for 2026. This episode, presented by PHD, is the first in a series of five that will explore the increasingly complex intersection of media, advertising and technology.

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