MediaWorks inks deal to sell free-to-air TV business to Discovery
Date: 2020-09-07   Author: Saipriya Iyer  Category: #news

MediaWorks inks deal to sell free-to-air TV business to Discovery

Broadcaster MediaWorks, a television, radio, & interactive media company, and Discovery Inc, a media giant, have reportedly reached a binding agreement. The agreement is related to the sale of the free-to-air TV business of MediaWorks to Discovery, which is subject to several pre-completion approvals.

The deal is expected to be closed by 2020 end. Financial terms of the agreement have not been disclosed. It includes the sale of Three and Bravo, entertainment channels; ThreeNow, a streaming service; and Newshub, multi-platform news & current affairs service, in addition to other channels such as The Breeze TV, The Edge TV, Bravo+1, and Three+1.

As per the statement made by Jack Matthews, MediaWorks’ chairman, Discovery will operate as an ideal owner of its TV business. The deal will help lend a greater focus on the long-term growth of the company’s market-leading radio & out-of-home business that provides advertising solutions as well as news and entertainment services to the audiences.

Michael Anderson, chief executive of MediaWorks, has stated that Bravo, Newshub, and Three will continue to play a key role in New Zealand under the ownership of Discovery, and will operate under the existing ownership structure. The ongoing COVID-19 pandemic has taken a significant toll on its business, leading to uncertainty of what the future holds.

For the record, MediaWorks is the largest independent broadcaster in New Zealand, serving more than 4 million audiences across its platforms. In October 2019, the company put up its television division for sale. Discovery was the front runner to purchase its TV arm. This sale announcement happened in line with MediaWorks recording a $25.14 million loss, due to a $21 million impairment, including a $12.13 million write-down on plant, property, and equipment assets. Moreover, 130 staff in the radio & sales teams were laid off in May 2020.

Glen Kyne has been appointed as General Manager, with New Zealand and Australia operations of Discovery to come under President APAC, Simon Robinson. Additionally, Gareth Codd will serve as MediaWorks’ acting commercial director, and Rebecca Kent as GM of Discovery Australia.

Source credit:

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12362710



About Author


Saipriya Iyer

Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

Read More

More from Saipriya


Post Recommendents

Gum Fiber Market Statistics Data, Latest Trends and Forecast to 2026
Author: Rahul Varpe

Global Gum Fiber Market Report aims to deliver an explicit evaluation of the market. This report gives detail overview extracted by thoroughly analyzing past and current developments in the market and the latest COVID-19 updates. The Gum Fiber Mar...


Egg Phosphatidylcholine Market Statistics Data, Latest Trends and Forecast to 2024
Author: Rahul Varpe

Global Egg Phosphatidylcholine Market Report aims to deliver an explicit evaluation of the market. This report gives detail overview extracted by thoroughly analyzing past and current developments in the market and the latest COVID-19 updates. The...


Buckle Tourniquet Market Detail Analysis focusing on Application, Types and Regional Outlook
Author: Ashwin Naphade

The ' Buckle Tourniquet market' research added by Market Study Report, LLC, is essentially an exhaustive review of present and future trends of this business sphere. The report also collates a concise outline of industry share contenders, ...