{
  "id": 616679,
  "title": "Australian broadcaster to buy MediaWorks in $130m deal",
  "url": "https://urgent.news/2026/08/12/australian-broadcaster-to-buy-mediaworks-in-130m-deal",
  "topic": "culture",
  "section": "Culture",
  "published": "2026-08-12T00:39:32.000Z",
  "source": {
    "name": "RNZ Business",
    "slug": "rnz-business",
    "url": "https://www.rnz.co.nz/news/business/973515/australian-broadcaster-to-buy-mediaworks-in-130m-deal"
  },
  "original_language": "en",
  "account": "Australian broadcaster Sports Entertainment Group Limited (SEG) has reached a $130 million deal to acquire New Zealand-based MediaWorks. The acquisition aims to create a dominant trans-Tasman audio, digital, and entertainment business. MediaWorks, a prominent New Zealand radio and digital audio company, owns popular commercial radio brands like The Rock, More FM, and The Breeze, alongside the Rova digital audio platform. With approximately 2.4 million weekly listeners and a 59% audience share in the 25-to-54 demographic, MediaWorks is described as New Zealand's top audio business. The deal will combine SEG and MediaWorks' weekly audiences, totaling over 5 million listeners across both countries. SEG's CEO, Craig Hutchison, emphasized the transformational impact of the acquisition, stating it would grant immediate market leadership in New Zealand and provide a strong content foundation for expanding their sport, digital, and entertainment capabilities. The current MediaWorks management team, led by CEO Wendy Palmer, will continue overseeing the New Zealand operations post-acquisition. The purchase price is based on an enterprise value of NZ$130 million, excluding cash and debt. SEG forecasts MediaWorks to generate NZ$25.4 million in EBITDA by 2026, with potential growth to over NZ$38 million by 2030. The deal is anticipated to boost earnings per share before synergies. Funding for the acquisition will come from existing cash reserves, new bank borrowing, and an equity raising. SEG has launched a placement to raise up to A$11.7 million and plans a share purchase plan to raise up to A$2 million. The transaction is expected to close on October 1st, pending customary conditions, including approval from New Zealand's Overseas Investment Office.",
  "summary": "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.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}