Sports Entertainment Group to acquire MediaWorks for NZ$130 million

Sports Entertainment Group (SEG) has entered a binding agreement to acquire MediaWorks, New Zealand’s leading audio business, for an enterprise value of NZ$130 million (approximately A$107.4 million). The deal aims to create a major trans-Tasman media network with a combined weekly audience exceeding 5 million listeners across Australia and New Zealand.

MediaWorks holds a 59% audience share in the 25-54 demographic in New Zealand and operates the rova digital audio platform. SEG expects the acquisition to be materially accretive, potentially lifting earnings per share by 59% before synergies. The company has identified approximately A$5 million in annual synergies. The transaction is expected to be funded through existing cash, debt, and an equity raising, including an A$87.6 million senior debt facility from Commonwealth Bank.

Separately, the Australian market has faced volatility. The S&P/ASX 200 traded lower following mixed cues from Wall Street and a busy earnings season. Notable movements included Commonwealth Bank shares falling after results, while ASX Ltd and Origin Energy saw gains. In industrial news, a landmark agreement has secured the future of the Tomago aluminium smelter, protecting thousands of jobs in the Hunter region.