Mediaworks NZ on the market?

Mediaworks in New Zealand has had a challenging few years, after falling into receivership and being acquired by the Hedge Fund Oaktree, and then a very public breakup with Chief Executive Officer Mark Weldon only a few weeks ago.

Now the company looks set to be put on the market again, after a failed sale process two years ago.

Mediaworks owns free to air television (TV3 and Channel Four) and a national radio network consisting of a number brands including The Edge, More FM and The Breeze.

Mediaworks Acting CEO David Chalmers is believed to be in Australia this week reportedly looking to drum up interest in a sale, however a Mediaworks spokeswoman has told The Australian that the company is not presently conducting a sale process saying;

“MediaWorks has previously confirmed that it intends to ­appoint an adviser to ensure we can capitalise on any opportunities arising from consolidation of the NZ Media market”

New Zealand is a hive of activity in media ownership, particularly in the radio sector. Not only do Mediaworks appear to be on the market, but APN are in the process of demerging the NZME business which operates radio brands such as ZM, NewsTalk ZB and Hauraki, and listing it as a separate entity on the stock market.