March 21 (Reuters) - New Zealand-based media firm NZME NZM.NZ said on Friday its talks with competitor Stuff for a potential acquisition of the digital and print assets within the latter's Mastheads publishing business have been paused for now.

There is no certainty that NZME, owner of several publications including the New Zealand Herald, will re-engage in any discussions with Stuff or that if such discussions occur, they would result in any transaction, the company said.

NZME said Stuff advised it was suspending talks regarding any potential transaction until the composition of NZME's board is finalised following the outcome of the company's annual general meeting on April 29.

NZME in 2020 had sought to buy Stuff, then owned by Australian media company Nine Entertainment NEC.AX, for a nominal sum of NZ$1, arguing that urgent consolidation was needed due to the COVID-19 crisis, which it soon dropped a week later.

Stuff was sold to its then CEO Sinead Boucher for NZ$1 at a time when the media industry in New Zealand and elsewhere was struggling with fast depleting advertising spending, threatening jobs and small outlets, as the pandemic forced companies to conserve cash.

(Reporting by Nikita Maria Jino in Bengaluru; Editing by Rashmi Aich)

((Nikita.Jino@thomsonreuters.com;))