MediaWorks repays ‘Joyce loan’ advanced for radio spectrum licences

Wed, 03 Oct 2012

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...

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