Australian broadcaster to buy MediaWorks in $130m deal
The Australian-listed company says the deal will create a larger trans-Tasman audio, digital and entertainment business.
Australian broadcaster Sports Entertainment Group Limited (SEG) has agreed to acquire New Zealand's MediaWorks in a $130 million deal, creating a larger trans-Tasman audio, digital, and entertainment business. MediaWorks, owned by SEG, Sports Entertainment Network (SEN), Quadrant Private Equity, Barclay Nettlefold, and John O Neill, operates commercial radio brands like The Rock, More FM, and The Breeze, along with the Rova digital audio platform.
The purchase will create a leading audio, digital, and entertainment group with combined weekly audiences of over 5 million listeners across Australia and New Zealand. The transaction, expected to be completed by October 1, will be funded through existing cash, new bank borrowing, and an equity raising, with about $5 million in annual synergies identified.
Brief written by urgent.news from RNZ Business's own syndicated text. Machine-written — it may contain errors, so check the original before relying on it.
