MediaWorks' owners have struck an unconditional agreement on Wednesday to sell the headquarter buildings of the radio and television network for 26 million New Zealand dollars, reported local media New Zealand Herald. The deal is set to inject huge cash to the company's struggle media business.
Based on 2017 Auckland Council assessment, the buildings worth 25.3 million New Zealand dollars.
On Oct. 18, 2019, the company revealed plans to sell off its TV arm and its properties. Staff feared that if a buyer could not be found quickly, the network could be closed by Christmas. In November, a group of New Zealand business people were understood to have made the successful offer. Settlement of the deal is believed to be due on April 1, 2020.
MediaWorks is a New Zealand media company which operates TV3, Newshub website and many radio channels across the country. The company is owned by United States private equity firm Oaktree Capital Management and Australian ASX-listed QMS Media.
The MediaWorks' headquarter site consists of a number of buildings and is almost half a hectare land at Auckland CBD. (1 New Zealand dollar equals 0.66 U.S. dollar)
Latest comments