Sports Entertainment Group has completed the acquisition of MediaWorks, New Zealand audio business, for an enterprise value of NZ$130 million, equivalent to approximately AUD $107.4 million, on a cash and debt free basis.
The acquisition brings together SEG’s Australian sports media network and MediaWorks’ music and entertainment brands, creating a trans-Tasman media group reaching more than five million listeners across Australia and New Zealand.
MediaWorks reaches 2.4 million listeners each week through brands including The Rock, More FM, The Sound, George FM, Mai FM, The Breeze, The Edge, Channel X, Breeze Classic and Humm FM. It also operates rova, its digital audio platform for live radio, podcasts and on-demand content.
Together, the businesses offer advertisers broader access to audiences across sport, music and entertainment, supported by capabilities spanning radio, digital, podcasts, television production and live experiences.
In a press release SEG chief executive officer Craig Hutchison said the completion marked a significant milestone for the group.
“Today marks a landmark moment for Sports Entertainment Group. Completing the acquisition of MediaWorks which is New Zealand’s #1 audio business transforms SEG into a truly scaled, trans-Tasman media group reaching more than 5 million listeners across Australia and New Zealand. This is exactly the kind of strategically important and value driving transaction we have been building toward,” he said.
The acquisition provides a platform to extend SEG’s sports, events and entertainment offering into New Zealand, drawing on MediaWorks’ established audience, advertiser relationships, talent and infrastructure.
Integration planning between rova and SEG’s SEN digital platform also presents opportunities to grow the group’s digital audio offering and bring its content to more listeners across both markets.
MediaWorks’ existing management team, led by CEO Wendy Palmer, will continue to lead the New Zealand business.
“Both businesses are performing strongly into Q1 FY27. We are already seeing the benefits of the combination in our advertiser conversations and digital platform integration planning. The MediaWorks management team, led by CEO Wendy Palmer, has been outstanding throughout this process and we look forward to building something exceptional together,” Hutchison added in an SEG ASX announcement.
