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Australian group buying site Cudo has poured cold water on claims that its operation across the Tasman is in peril.

Speculation surfaced this week in the New Zealand Herald claiming that Cudo’s nine month old New Zealand operation may be close to shutting down due to reported concerns from its local partner MediaWorks.

In New Zealand, Cudo is run as a joint venture between MediaWorks and NineMSN which owns the Cudo parent in Australia.

The newspaper reports that New Zealand staff have been let go and that MediaWorks has raised the red flag over increased competition in the New Zealand market.

The New Zealand group buying market has strong players in GrabOne which is 75 percent owned by APN News & Media and rival publisher Fairfax’s Treat Me which is a spin off from auction giant Trade Me.

Cudo Australia CEO and Cudo New Zealand chairman Billy Tucker told The Register, “we continue to operate our joint venture in New Zealand with MediaWorks.” But he would not comment further on the speculation.

MediaWorks interactive general manager Siobhan McKenna was quoted in the New Zealand Hearald stating, "it's in a place where we accept it is a much more competitive market than we would have hoped.” ®

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