MediaWorks has announced the confirmation of agreement regarding the sale of its free-to-air business to global company Discovery Inc.
The business agreement is due to be complete by the end of the year. With this purchase of MediaWorks being Discovery’s most significant investment in the NZ market.
In the New Zealand market, Discovery currently operates a portfolio of six pay-tv channels including Discovery Channel, TLC, Animal Planet, Food Network, Living and Discovery Turbo and two free-to-air channels HGTV and Choice TV.
While MediaWorks and Discovery work towards completion of the transaction, Glen Kyne has been appointed General Manager of TV, a role that will continue under Discovery post completion. Discovery’s Australia and New Zealand operations will move under Simon Robinson, President APAC.
Jack Matthews, MediaWorks Chairman, says Discovery is the best platform to bring MediaWorks forward into the future/
“MediaWorks has made great strides over the past several years and I believe Discovery is the ideal new owner to continue that momentum across the TV business. The sale will enable MediaWorks to have a greater strategic focus on the long-term future growth of its highly successful and market leading radio and out-of-home business, offering effective advertising solutions to our customers and great news and entertainment to our audiences.”
Michael Anderson agrees that this was the best possible outcome for the business.
“Under the ownership of Discovery, Three, Newshub and Bravo will have a long-term home and continue to play a vital role in New Zealand society.
“The ongoing success of our radio and out-of-home business demonstrates that MediaWorks has a very bright future and with this unique and powerful combination, our focus now is to accelerate the opportunities that exist for our clients.”
Simon Robinson, Discovery president APAC, said the two businesses share similar values which in turn will benefit both of them.
““This is an exciting moment for Discovery. MediaWorks TV is New Zealand’s leading independent free-to-air commercial broadcaster, with popular shows and great brands. Discovery is a global content creator, a major free-to-air broadcaster across several European markets, including the UK, Germany, Italy, Poland and the Nordics, and has expertise in evolving our linear business to direct-to-consumer. With a 26-year heritage in the New Zealand market, we are committed to drive MediaWorks TV’s future growth and success, delivering increased value to audiences and advertisers across all screens in New Zealand.”