Redundancies can't be ruled out after the proposed merger between Stuff and NZME was rejected.

Stuff's chief executive Sinead Boucher says she's looking to the company's new businesses - which includes an energy retailer - to help finance their journalism.

The Court of Appeal turned down the proposed merger between Stuff and NZME on Tuesday and gave its reasons on Wednesday.

It said a merger could lead to fewer journalists, reduced quality and fewer voices in the news.

Stuff's chief executive Sinead Boucher says they'll now focus on building up Stuff and the new businesses they have. Ms Boucher speaks to Susie Ferguson.

After the interview she sent an email to clarify the details of the possible job losses in Waikato.

"We do not have any plans to cut 20 staff from Waikato. Instead there is a proposal which would impact six staff there, both managers and reporters.

"It is still at proposal stage so this may well change."

-RNZ