NZ’s MediaWorks may not survive COVID19

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

The impact of the loss may cast significant doubt on the groups ability to continue as a going concern.

 With the company’s total liabilities more than doubling to $296.34 million and over $133 million in borrowings, negotiations have continued with parties who have expressed an interest in purchasing the group of radio and television assets.
Only last month MediaWorks announced that 130 staff in the radio and sales teams would be made redundant as the company struggled under the effects of COVID-19 with CEO Michael Anderson telling staff that the pandemic meant an immediate reduction in business and a restructuring process across “sales, out-of-home and radio divisions.”
Last year the company’s unprofitable television arm was put up for sale.


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