MediaWorks owner teams up with former rival to restructure broadcaster

Thu, 19 Jul 2012

By Paul McBeth July 20 (BusinessDesk) - MediaWorks NZ owner Ironbridge Capital has teamed up with former rival TPG Capital to put forward a restructuring proposal to the broadcaster's lenders. The MediaWorks board, made up of Ironbridge's Mike Hill and Kerry McIntosh and independent chairman Brent Harman, endorsed a deal between Ironbridge and Texan private equity firm TPG that will inject cash to repay the remainder of the $43 million debt owed on its spectrum licence, and fund programming and sales initiatives for the company, it said in a...

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