MediaWorks, the company which owns some of New Zealand’s most popular radio stations, has been sold to an Australian firm for $130 million. <\/p>\n
Sports Entertainment Group (SEG), an Australian sports radio firm, announced it had entered a binding share purchase agreement to acquire 100% of the shares in the New Zealand company. <\/p>\n
The purchase was valued at $130 million (around A$107.4 million). <\/p>\n
MediaWorks is behind some of New Zealand’s biggest radio brands, including The Rock, More FM, the Breeze, Mai and The Edge. <\/p>\n
The media company has had a tumultuous few years. In 2019, it sold TV Three to Discovery<\/a> and it closed its newstalk station Today FM<\/a> in 2023, resulting in multiple job losses. <\/p>\n In April, it announced a turnaround, recording $3.8 million in post-tax profit. <\/p>\n In a statement today, SEG’s CEO Craig Hutchison called the acquisition a “transformational step”. <\/p>\n “It gives us immediate market leadership in New Zealand, a highly complementary content offering, and a genuine platform to extend our sport, digital and entertainment capability across the Tasman. <\/p>\n “We are impressed by the MediaWorks team and look forward to working with [chief executive] Wendy Palmer and her team as we bring the two businesses together.”<\/p>\n 1News has approached MediaWorks for comment. <\/p>\n","protected":false},"excerpt":{"rendered":"MediaWorks, the company which owns some of New Zealand’s most popular radio stations, has been sold to an…\n","protected":false},"author":2,"featured_media":590638,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[72,93,61,60,1634,278],"class_list":["post-590637","post","type-post","status-publish","format-standard","has-post-thumbnail","category-music","tag-business","tag-entertainment","tag-ie","tag-ireland","tag-media","tag-music"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/590637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=590637"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/590637\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/590638"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=590637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=590637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=590637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}