A New Zealand ad exchange made up of four major media groups will close.
KPEX was created in 2015 by MediaWorks, Stuff, NZME and TVNZ. The four media groups are equal shareholders.
However, a statement released on Tuesday said the consortium would be closed due to changing market demands and shareholder priorities.
KPEX board of directors chair Dave Hine said the digital advertising market is a "dynamically changing market".
Hine said KPEX had helped New Zealand publishers maintain their digital ad revenues.
However, "without ongoing commitment, KPEX is unlikely to generate sufficient scale to compete effectively in the market or to remain commercially viable," Hine said.
The statement said the business was working through the next steps with shareholders and staff. Hine acknowledges the support of KPEX customers and its management team.