19 Dec 2009

Mediaworks restructures banking, raises $70 million

3:53 pm on 19 December 2009

Mediaworks, the owner of TV3, has raised $70 million and restructured its banking.

Mediaworks chairman, Brent Harman, says this puts the company on sound financial footing.

The money has been used to repay debt, reset fixed interest rate swaps and provide ongoing liquidity.

Funds advised by Ironbridge Capital, Mediaworks' largest shareholder, raised $50 million of the new cash.