MediaWorks returns to profit

Staff Writer

Back in 2013 MediaWorks in New Zealand was in receivership with a hefty $700 plus million of debt. Come 2015 MediaWorks has returned a profit for the first 10 months, with its radio division being the biggest contributor to the bottom-line.

According to financial statements lodged with the New Zealand Companies Office, profit was $12 million in the 10 months and 22 days ending September 30th. Overall, MediaWorks sales for their combined TV, Radio and Online properties topped $246.9 million NZD, with costs of  $221.8 million NZD during the period. EBITA was close to the $50 million NZD mark for the shortened window.

MediaWorks also reported that they had paid down the company's debt levels from more than $700 Million. The company has $353.9 million NZD in assets, with $31 million in cash, while liabilities are $147.2 million NZD.

MediaWorks owns two television network stations, online properties and a group of radio stations including The Edge, The Rock, More, George, Mai, The Breeze, and RadioLIVE. 

When MediaWorks went belly up in 2013 they were revived by US hedge fund Oaktree Capital. Oaktree are the same group who own just over 14% of the Nine Network in Australia. MediaWorks is chaired by Australian Rod McGeoch.

Last year MediaWorks was tipped to make a move onto the New Zealand Stock Exchange in 2015.

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