MinterEllisonRuddWatts has advised Quadrant Private Equity and the MediaWorks shareholders on the sale of MediaWorks' radio and digital business to Sports Entertainment Network (SEN), marking the culmination of a decade-long series of transformational transactions involving one of New Zealand's most recognised media organisations.
The transaction represents the final stage in a succession of significant MediaWorks transactions on which MinterEllisonRuddWatts has advised over the past 10 years, supporting the business through major strategic milestones and ownership changes.
These transactions included the:
- establishment of the Bravo joint venture with NBCUniversal;
- merger of MediaWorks with QMS New Zealand, which ultimately welcomed Quadrant as a shareholder;
- sale of MediaWorks TV (THREE) to Discovery;
- subsequent sale of THREE by Discovery to Sky;
- sale of the QMS New Zealand business to Nine Entertainment Corporation as part of its broader acquisition of QMS Australia; and
- sale of the remaining MediaWorks business, comprising its market-leading radio and digital assets, to SEN.
Head of Auckland Corporate M&A, Partner Mark Forman, led the transactions for the firm and said the sale marks an important milestone for MediaWorks and reflects the strength and resilience of its radio and digital business.
"This transaction represents the conclusion of a significant strategic journey for MediaWorks and its shareholders. Over the past decade, the business has undergone substantial transformation, adapting to changes across the media landscape while maintaining a market-leading position in radio and digital media,” said Mark Forman.
“It has been a privilege to work alongside Quadrant, the other shareholders, and the MediaWorks team through multiple stages of that journey. SEN’s acquisition positions the business well for its next phase of growth and continued innovation in the New Zealand media market.”
Mark Forman said the transaction was particularly notable given the firm's longstanding involvement with the business across multiple ownership structures, strategic partnerships, acquisitions and divestments.
"Few corporate transactions provide the opportunity to support a client and business across such a broad and interconnected series of milestones. We are grateful for the trust placed in us by Quadrant and the MediaWorks shareholders over many years," said Mark Forman.
"I also acknowledge the contribution of the MediaWorks legal team over this time. It has been a pleasure to work closely with successive General Counsel Alex Nicholson, Rachel Callaghan and Ryan Smith, who each played important roles in supporting the company's strategic direction.”
The law firm’s deal team advising on the sale to SEN was led by Mark Forman and included Partner Andrew Ryan (Tax), senior associates James Marriner (Corporate M&A) and Phillip Chrisp (Tax) and Solicitor Nick Stewart (Corporate M&A).
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