Doubt over whether MediaWorks can 'continue as a going concern'

MediaWorks said it had found trading conditions challenging in 2022. (Image: NZME)

Fri, 20 Oct 2023

A “material uncertainty” exists that may cast “significant doubt” on whether media company MediaWorks can continue as a going concern, auditors PwC say.MediaWorks incurred a loss of $125.9 million in the financial year ended Dec 31 following a $110 million impairment.As of that date, the group’s current liabilities exceeded assets by $19.4m.MediaWorks, which owns some of New Zealand’s biggest radio music stations and an outdoor advertising business, has released financial statements and notes today which reve...

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News in Brief

Outdoor ad firm buys rest of MediaWorks

MediaWorks has been acquired by its majority shareholder.Australia-based outdoor advertising firm QMS, which has owned 54.41% of MediaWorks until Monday, will acquire US hedge fund Oaktree Capital Management’s 45.13% stake, leaving it with 99.54% of the company.The only other sha...

Staff reporters 10:32am