Sports Entertainment Group Limited (ASX: SEG) today announced that it has entered into a binding agreement to acquire 100% of MediaWorks, New Zealand’s number one audio business, for an enterprise value of NZ$130 million. The acquisition creates a leading trans-Tasman audio, digital and entertainment group reaching more than 5 million listeners each week across Australia and New Zealand.
MediaWorks is New Zealand’s largest radio business and its third largest local advertising platform across all media. It holds approximately 59% audience share in the key 25 to 54 demographic, reaches around 2.51 million listeners every week, and owns some of the country’s most recognisable stations, including The Rock, More FM, The Sound, George FM, Mai FM, Breeze, The Edge, Channel X, Breeze Classic and Humm. The business also operates rova, its proprietary digital audio platform for live radio, podcasts and on-demand content.
The two businesses are highly complementary. SEG brings Australia’s only whole-of-sport media platform, spanning premium sports rights, owned content, talent, team ownership, production and events. MediaWorks brings market leadership in music and entertainment radio in New Zealand. Together they create a single trans-Tasman platform that connects advertisers to fans across sport, music and entertainment, through radio, digital, podcast, TV and live experiences.
The acquisition returns SEG to New Zealand as the clear market leader and gives SEG a ready-made platform to extend its sport, events and content offering into New Zealand, and a digital growth engine in rova.
The transaction will be funded through a combination of existing cash, a new senior debt facility from the Commonwealth Bank of Australia, and a fully underwritten placement to raise approximately A$35 million.
Completion is targeted for 1 October 2026, subject to customary conditions including New Zealand Overseas Investment Office approval. The existing MediaWorks management team, led by Chief Executive Officer, Wendy Palmer, will continue to lead the New Zealand business.
SEG Chief Executive Officer, Craig Hutchison, said the acquisition was the biggest moment in the company's history.
"MediaWorks is New Zealand's number one audio business, third biggest media business, and has an incredible connection with its market leading audio audience.
“We have enormous respect for the business and see huge upside in driving growth in step with our content and services offering, and can’t wait to get to work with Wendy Palmer and her team.”
MediaWorks CEO, Wendy Palmer, said:
“Off the back of strong growth, this is a hugely exciting moment for MediaWorks - SEG is a media company that shares our relentless focus on audiences and customers, and their investment in our future is a strong vote of confidence in this team, our brands and the position we've built as New Zealand's leading audio and digital business. Joining forces gives our team access to genuine scale and capability. We're looking forward to what we can build together across the Tasman.”
ENDS
About Sports Entertainment Group (ASX: SEG)
Sports Entertainment Group (SEG) is Australia’s only whole-of-sport media platform. Through the Sports Entertainment Network (SEN) it holds broadcast rights across major sporting codes including the AFL, NRL, cricket, the NBL and the Australian Open, and produces more than 100 sport talk programs across a national network of owned and syndicated radio stations. The group also owns professional sporting teams, and operates production, digital, marketing and talent businesses including Ballpark, Rainmaker, Bravo, Odessey and Project Diamond. SEG connects brands to fans across radio, digital, social, podcast, television production and live experiences.
About MediaWorks
At MediaWorks, audio is what we do best, and through our premium radio brands and suite of chart-topping podcasts - New Zealand listens to us. Home to our most loved radio brands - More FM, The Edge, George FM, Mai, The Rock, The Sound, Breeze, Breeze Classic, Channel X and Humm FM - and podcasts from kiwi icons like Brodie Kane (Let her finish, Kiwi Yarns), Martin Devlin (DSPN) and Jay & Dunc from The Rocks global hit Not for Radio, we reach millions of Kiwis each week through voices they know, trust, and love.