MediaWorks in talks with lenders as covid whacks earnings

Fri, 12 Jun 2020

MediaWorks Investments is in talks with its lenders after the covid-19 pandemic wiped out its already shaky advertising revenue and leaves it likely to breach its banking covenants this month. The free-to-air TV and radio station operator reported a loss of $25.1 million in calendar 2019, wider than the $5.5 million loss reported a year earlier, according to financial statements lodged with the Companies Office. Revenue rose 11.8 percent to $341.2 million, with the acquisition of the QMS outdoor advertising business adding an extra $24.3 mil...

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