Mediaweb goes into receivership: round two for Myers—UPDATED

  • Business
  • March 6, 2014
  • Damien Venuto
Mediaweb goes into receivership: round two for Myers—UPDATED

(Updated at 5.25pm): Only five months after NBR reported that Mediaweb was unable to pay its staff, it has now been announced that the publisher has gone into receivership.

According to the Companies Office website, McDonald Vague’s Peri Finnigan and Tony Maginness have been appointed as the receivers for the publishing group, which was first formed in 2009 when 3Media went into voluntary receivership.

In response to 3Media’s liquidation, publisher Antoinette Myers founded Mediaweb and acquired the titles that previously existed under the 3Media umbrella. (See the liquidators' report here). 

Due to this arrangement, newly formed Mediaweb took control of Management Magazine, Admedia, OnFilm Magazine, FMCGFood Service and a range of industry directories.

Myers had previously been listed as one of the four directors of Profile Publishing, which had a one-third stake in 3Media.

When Mediaweb was formed, Myers took a 49 percent stake in the new company and its respective holdings while OnFilm gained the remaining 51 percent.

Earlier, when StopPress called McDonald Vague to find out what the organisation’s next steps would be with regard to the receivership, Finnigan could not provide much additional information.   

“The directors are currently in a meeting with my colleague Tony Maginness, so I can only confirm that Mediaweb is in receivership. I can however say that the directors have been cooperative thus far,” she said.

After meeting with the directors of Mediaweb, Maginness spoke to StopPress regarding the process.

"We were only appointed late last night, so at this stage there isn't too much to add beyond that. As it stands now, we have secured the assets and we are currently looking to sell the brands owned by Mediaweb," he said.

The receiver added that he had already received some interest from prospective buyers, but he would not comment on which companies or individuals had made an approach. 

Maginness was also asked how much Mediaweb owed, but he could not quote an exact figure at this stage.

"The accounts were only handed over to us today, so we still need to gather and process the information before making any statements on the amount owed."   

Previous version of this article (published at 2:19pm): 

Only five months after NBR reported that Mediaweb was unable to pay its staff, it has now been announced that the publisher has gone into receivership.

According to the Companies Office website, McDonald Vague’s Peri Finnigan and Tony Maginness have been appointed as the receivers for the publishing group, which was first formed in 2009 when 3Media went into voluntary receivership.

In response to 3Media’s liquidation, publisher Antoinette Myers founded Mediaweb and acquired the titles that previously existed under the 3Media umbrella.

Due to this arrangement, newly formed Mediaweb took control of Management Magazine, Admedia, OnFilm Magazine, FMCG, Food Service and a range of industry directories.

Myers had previously been listed as one of the four directors of Profile Publishing, which had a one-third stake in 3Media.

When Mediaweb was formed, Myers took a 49 percent stake in the new company and its respective holdings while OnFilm gained the remaining 51 percent.

StopPress called McDonald Vague to find out what the organisation’s next steps would be with regard to the receivership, but Finnigan could not provide much additional information at this stage.   

“The directors are currently in a meeting with my colleague Tony Maginness, so I can only confirm that Mediaweb is in receivership. I can however say that the directors have been cooperative thus far,” she said.

Finnigan also added that Maginness would be available to release an official statement after the conclusion of the meeting later today.

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