MediaWorks writes off $241.6M ahead of capital restructure, earnings fall 12 percent

Fri, 10 Aug 2012

By Paul McBeth Aug 10 (BusinessDesk) - MediaWorks NZ, the broadcaster whose stable includes TV3 and Four, and radio stations including the Rock, MoreFM, has written down the value of goodwill by $241.6 million in a capital structure that includes US private equity investor Oaktree Capital Management holding a chunk of its debt. The group's holding company, GR Media Holdings, posted a loss of $305.6 million in the year ended Aug. 31, 2011, compared to a loss of $50.5 million a year earlier, MediaWorks said in a statement. Earnings before inte...

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