MediaWorks New Zealand
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| Private | |
| Industry | Media |
| Founded | 2004; 13 years ago |
| Headquarters | Auckland, New Zealand |
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Area served
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New Zealand |
| Owner | Oaktree Capital Management |
| Divisions | Radio (11 brands) Television (Three/Bravo/The Edge TV) Interactive (13 websites) |
| Website | Official website |
MediaWorks New Zealand is a New Zealand-based television, radio and interactive media company entirely owned by Oaktree Capital Management. It operates playout services from Auckland and Wellington studios via Kordia's microwave network for Newshub, Three, and Bravo, ten national radio brands, eighteen websites and three locally operated radio stations.
In 2004, CanWest Global Communications combined television company TV3 Network Services and radio company RadioWorks to form the new MediaWorks company. On 29 July 2004, 30% of this new company was sold on the . Three years later, in July 2007, CanWest sold its stake of the company to Ironbridge Capital, a group of Australian investors, who subsequently obtained the remaining 30% from other investors. MediaWorks is significantly larger than any of its other investments.
In 2011, MediaWorks received a $43 million loan guarantee for the Government to renew its licenses until 2030. The deal went against official advice, and then Communications Minister Steven Joyce was accused of having a conflict of interest as the past managing director of the company's RadioWorks division.
The loan was described by AUT's Centre for Journalism, Media and Democracy as a form of corporate welfare, and was criticised by blogger Sarah Miles as a case of governmental interference in the media.Radio Bay of Plenty secured commercial loans, The Radio Network covered its own costs, and Rhema Broadcasting Group covered the cost with no interest loans.
In June 2013, with over NZ$700 million in debt, MediaWorks NZ was put into receivership. It came out of receivership in November 2013. In August 2014, Mark Weldon was appointed CEO, replacing Susan Turner, who had resigned in July 2014. Weldon resigned in May 2016 at the same time that a large number of long serving and high-profile staff were leaving the company under his leadership. CFO David Chalmers replaced him in an acting capacity.
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Wikipedia