MediaWorks, the company which owns some of New Zealand's most popular radio stations, has been sold to an Australian firm for $130 million.
Sports Entertainment Group (SEG), an Australian sports radio firm, announced it had entered a binding share purchase agreement to acquire 100% of the shares in the New Zealand company.
The purchase was valued at $130 million (around A$107.4 million).
MediaWorks is behind some of New Zealand's biggest radio brands, including The Rock, More FM, the Breeze, Mai and The Edge.
The media company has had a tumultuous few years. In 2019, it sold TV Three to Discovery and it closed its newstalk station Today FM in 2023, resulting in multiple job losses.
In April, it announced a turnaround, recording $3.8 million in post-tax profit.
In a statement today, SEG's CEO Craig Hutchison called the acquisition a "transformational step".
"It gives us immediate market leadership in New Zealand, a highly complementary content offering, and a genuine platform to extend our sport, digital and entertainment capability across the Tasman.
"We are impressed by the MediaWorks team and look forward to working with [chief executive] Wendy Palmer and her team as we bring the two businesses together."
1News has approached MediaWorks for comment.
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