Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Former NZX boss Mark Weldon appointed top job at MediaWorks

Former NZX boss Mark Weldon appointed top job at MediaWorks

By Suze Metherell

Aug. 5 (BusinessDesk) - Former NZX chief Mark Weldon has been appointed to the top job at free-to-air broadcaster MediaWorks, replacing Sussan Turner.

Weldon will take up the group chief executive position on Aug. 11 after Turner announced her resignation last month, MediaWorks said in a statement. Weldon will take charge of the broadcaster, whose stable includes TV3 and Four channels and radio stations Rock, MoreFM and RadioLIVE, as it enters a new phase after its lenders tipped the company receivership last June to rein in what had become an unmanageable level of debt.

"I have followed the business with interest and for me this was a quick decision," Weldon said. "There is a talented and commercial board in place and I am completely aligned with them on the mission and opportunity."

Weldon left the NZX in 2011 after a decade in charge of the stock market, and has since been running a central Otago winery, Terra Sancta, owned by he and his wife.

The media group's lenders completed their recapitalisation of MediaWorks in November, which reduced the company’s debt levels to about $100 million from more than $700 million beforehand. The transaction put a value of $285 million on MediaWorks, according to the Overseas Investment Office’s August approval of the deal.

The restructure also installed a new board, chaired by Australian businessman Rod McGeoch. Former Eyeworks Touchdown boss Julie Christie, best known in New Zealand for a string of reality TV series, ex-PBL director Martin Dalgleish and former Lion Nathan chief financial officer and McKinsey & Co consultant Paul Lockey join him on the MediaWorks’ board.

"We have an executive team in place that has the media experience we need," McGeoch said. "The group CEO appointment will complement existing skills, focusing on a strategy to offensively pursue growth."


© Scoop Media

Business Headlines | Sci-Tech Headlines


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news