MediaWorks repays ‘Joyce loan’ advanced for radio spectrum licences

MediaWorks repays ‘Joyce loan’ advanced for radio spectrum licences
Oct. 4 (BusinessDesk) - MediaWorks’ subsidiary RadioWorks has repaid the $32.28 million outstanding on a ‘loan’ signed off by former Communications Minister Steven Joyce that allowed the media group to defer payments to the Crown for radio spectrum licences. The balance of $32.28 million of principal plus interest was paid yesterday – almost two years ahead of schedule, current minister Amy Adams said in a statement. MediaWorks had originally owed $43.3 million plus GST and had previously made two payments of $11.9 million. The Crown charge...