SEG to Acquire MediaWorks New Zealand’s #1 Audio Business

Sports Entertainment Group Limited (ASX: SEG) has announced a binding agreement to acquire 100% of MediaWorks, New Zealand’s premier audio business, for an enterprise value of NZ130 million.

The transaction creates a leading trans-Tasman audio, digital, and entertainment network reaching over 5 million weekly listeners across Australia and New Zealand.

MediaWorks operates as New Zealand’s largest radio business and third-largest local advertising platform, commanding an approximate 59% audience share in the key 25 to 54 demographic while reaching 2.51 million weekly listeners.

Highlighting the scale of the transaction, SEG CEO, Craig Hutchison, said: “MediaWorks is New Zealand’s number one audio business, third biggest media business, and has an incredible connection with its market leading audio audience.”

“We have enormous respect for the business and see huge upside in driving growth in step with our content and services offering, and can’t wait to get to work with Wendy Palmer and her team,” Hutchison said. 

Echoing these sentiments, MediaWorks CEO Wendy Palmer, added: “Off the back of strong growth, this is a hugely exciting moment for MediaWorks – SEG is a media company that shares our relentless focus on audiences and customers, and their investment in our future is a strong vote of confidence in this team, our brands and the position we’ve built as New Zealand’s leading audio and digital business.”

“Joining forces gives our team access to genuine scale and capability. We’re looking forward to what we can build together across the Tasman,” Palmer said.

Its portfolio includes prominent stations such as The Rock, More FM, The Sound, George FM, and Mai FM, alongside its proprietary digital audio platform, rova. The acquisition returns SEG to the New Zealand market as a dominant leader, providing a ready-made platform to extend sports, events, and content operations across the Tasman.

The transaction will be funded through a combination of existing cash reserves, a new senior debt facility provided by the Commonwealth Bank of Australia, and a fully underwritten placement to raise approximately AUD35 million. Completion of the deal is targeted for October 1, 2026, pending customary conditions including New Zealand Overseas Investment Office approval, with current Chief Executive Officer Wendy Palmer and her management team remaining in place.

Don’t miss out on the latest in sports business – Subscribe today to the free Ministry of Sport newsletter and stay ahead of the game. For even more exclusive insights, event tickets, professional development and networking events, become a MoS Member today!.