New Zealand agencies are optimistic that QMS’ takeover of MediaWorks will be beneficial for the local media industry.
Earlier this week digital outdoor media company QMS took 100% ownership of New Zealand media company MediaWorks by acquiring Oaktree Capital Management’s stake.
MediaWorks has more than 600 staff across 25 offices covering all major regions, and a stable of 10 market leading radio stations, 92 digital billboards and more than 200 static billboards.
The takeover wasn't entirely surprising given the challenges the NZ media sector has faced recently and the nature of its existing ownership structure, Thompson Spencer co-CEO Tim Pointer says.
“We’re hopeful this acquisition could bring additional technology and innovation to the NZ market - benefiting both the New Zealand and Australian media landscapes," Pointer said.
"That said, it would be great to see more fully NZ-owned media operators emerge in future, though this remains difficult given the limited local funding and investor interest.”
The combined QMS and MediaWorks networks represent one of the largest diversified media operators in the Asia Pacific region.
D3 co-founder and partner Richard Thompson said the increased investment is a positive step for the NZ market.
"Their experience in digital out-of-home and commitment to the sector can only strengthen the offering here," Thompson said.
"We see this as a chance for more innovation, better integration across channels, and hopefully ongoing investment in the out-of-home advertising market — all of which is good news for advertisers."
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