20 Aug 2013

MediaWorks owes nearly $800m

2:49 pm on 20 August 2013

A report from the receivers of MediaWorks says the company owes almost $800 million.

On Thursday, KordaMentha announced the company which owns TV3, TV4 and several radio networks, has been sold to a new company MediaWorks Holdings Ltd, chaired by Rod McGeoch, an Australian businessman.

KordaMentha said its analysis shows there is no money available to pay unsecured creditors.