MediaWorks narrows loss to $90 mln in 2012 as finance costs rise, impairments weigh

Mon, 24 Jun 2013

By Paul McBeth June 24 (BusinessDesk) - MediaWorks NZ, the broadcaster whose lenders look likely to seize control, narrowed its annual loss in 2012 after massive writedowns a year earlier. The group’s holding company, GR Media Holdings, reported a net loss of almost $90 million in the 12 months ended Aug. 31, 2012, from $318.4 million a year earlier, according to financial statements lodged with the Companies Office. The year-earlier result included $241.6 million to write down the value of MediaWorks’ goodwill, primarily in the TVWorks busi...

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