Australian private equity firm eyeing up MediaWorks - report

1:15 pm on 30 November 2023
The Commerce Commission has declined a merger which would have created New Zealand’s biggest news media company
Fairfax Media NZ,, 
NZME, NZ Herald.

File pic Photo: RNZ/ Brad White

Local media company MediaWorks is being eyed by an Australian private equity firm, according to a newspaper report.

The Australian newspaper reported Anchorage Capital Partners is rumoured to be weighing up a deal to buy the local radio and outdoor advertising company.

MediaWorks owns well-known radio stations, including MaiFM, MoreFM, The Breeze, The Edge, and The Rock.

The newspaper also reported that NZME, the owner of the NZ Herald and a host of other radio stations, including Newstalk ZB, The Hits and Radio Hauraki, was weighing up a bid for MediaWorks' outdoor advertising business.

MediaWorks has been approached for comment.

NZME chief executive Michael Boggs said he would not comment on rumour or speculation, but as a listed company, NZME would comply with its continuous disclosure requirements.

"We are always open to looking at new opportunities to deliver increased value for our shareholders," Boggs said in a brief statement.

Meanwhile, speculation was mounting that a merger deal was close between wealth management firms Jarden and JB Were's New Zealand operations.

The Australian also reported that work was ongoing on a $700 million merger of local firm Jarden's wealth unit with the JB Were New Zealand operations, owned by Australian bank NAB - the owner of BNZ.

The paper reported a deal was likely to happen in a fortnight, with Jarden chief executive Malcolm Jackson set to run the new unit.

BNZ and Jarden said they did not comment on market speculation.

The Australian reported Pacific Equity Partners would own about a third of the new business, and Jarden would get about $60m to help pay down debt.

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