MediaWorks remains in the red as PE exit looms

Details in the annual accounts suggest a private equity exit is getting closer. (Image: supplied)

Fri, 03 Jun 2022

Outdoor advertising and radio group MediaWorks recorded a loss of $2.9 million last year as expenses grew from 2021. Co-owned by Australian buyout firm Quadrant Private Equity and US distressed debt house Oaktree Capital Management, the media business narrowed losses from $4.8m in 2020. The group cut losses after 2020 numbers were affected by a one-off $12m impairment charge relating to its outdoor division. MediaWorks grew revenue to $203m last year, up from $179m in 2020. However, expenses rose from $183m to $205m. Th...

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