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MediaWorks Secures Mai FM


MediaWorks Secures Mai FM

MediaWorks, New Zealand’s leading private broadcast and online media company, has today confirmed its acquisition of the assets of Mai FM, jointly owned by Mai Media Limited and Te Runanga o Ngati Whatua.

The transaction includes the right to operate 88.6 Mai FM in Auckland and the purchase of associated assets including the studio in Auckland, two frequencies in Northland, as well as two unused frequencies in the Orewa region.

MediaWorks CEO, Brent Impey, said: “Mai FM is a very strong brand in two key markets, and we are delighted to have formed an agreement with Mai Media and Te Runanga o Ngati Whatua to take on the ownership and operation of Mai FM.”

“Our message is that nothing changes for Mai FM, except a greater level of investment and support for the brand.

“We certainly recognise and appreciate the very important role Mai FM plays in the fostering, promotion and development of Maori language and culture, and we are committed to continuing the excellent model Mai has developed to perform this role,” said Mr Impey.

“We are very pleased this agreement includes an ongoing relationship with Te Runanga o Ngati Whatua for their advice and guidance with the Mai FM operation, particularly on these important cultural matters.

“There will be no redundancies as a result of this acquisition, as we want to support the hardworking and dedicated team that has been running Mai FM. We warmly welcome all these people to the MediaWorks family,” he said.

“This is a very important development in the MediaWorks radio strategy, and is the final piece of the jigsaw for our Auckland plans, complementing and strengthening our existing brands in the market.”

The financial terms of the transaction are undisclosed, with settlement of the purchase of the assets on 31 March 2008.

MediaWorks NZ Limited is a subsidiary of HT Media Holdings Limited.

MediaWorks (website: www.mediaworks.co.nz) is New Zealand’s leading private sector broadcast and online media company. Through its wholly owned subsidiaries and divisions – TVWorks Limited, RadioWorks Limited and NetWorks, it owns and operates the TV3 and C4 television networks, national radio brands The Edge, The Rock, More FM, Kiwi FM, RadioLIVE, BSport, Solid Gold and The Breeze, plus several local radio stations.

Ends

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