Mediaworks Chief executive Michael Anderson has announced that he will leave the company at the end of this year.

The New Zealand Herald is reporting that MediaWorks has slumped to a $25 million loss.

The NZ Herald is reporting that MediaWorks staff have been asked to take an immediate and voluntary pay cut of 15%.
 
According to the NZ Herald, CEO Michael Anderson spoke to staff about the pressures facing the business amid the current pandemic.
 
Advertising revenue has taken a massive hit in New Zealand, despite an increase in media consumption.

Retiring 2VM Breakfast Announcer, Michael Anderson, is looking back over a lifetime in radio that will finish in Moree.

Michael says he went straight from school into 4BH for an interview with GM George Lovejoy, the man who coined the term, “Rugby League, the greatest game of all.”

New Zealand's MediaWorks will merge two stations next year, combining RadioLIVE with the Magic network to form a new network called Magic Talk.

In an email to staff, CEO Michael Anderson (pictured) said the merged station would offer both music and talk radio.

"The merged entity will operate a music station and a talk station, and the talk station will be run by the music radio side of our business."

MediaWorks CEO Michael Anderson and other senior staff made a number of major announcements for 2017 at a recent trade event, as well as the results from the latest GfK Total New Zealand Commercial Radio Survey - which placed MediaWorks as the most listened to radio network in New Zealand with more than 2.2m listeners.

Ciara McGuigan has been appointed to the role of Chief Financial Officer with MediaWorks.