John O'Neill.
Digital outdoor media company QMS is moving to 100% ownership of MediaWorks New Zealand, by acquiring Oaktree Capital Management’s stake.
MediaWorks is one of New Zealand’s largest media companies with 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.
Commercial details of the deal haven't been revealed.
MediaWorks engages with up to 3.5 million Kiwis across radio, digital and OOH, or 85% of the New Zealand population, each week.
Together, the combined QMS and MediaWorks networks represent one of the largest diversified media operators in the Asia Pacific region.
"We are extremely excited to strengthen our commitment to the New Zealand market and to welcome the MediaWorks team fully into the QMS group," said John O’Neill, CEO of QMS.
"With market leading media platforms on both sides of the Tasman, we see immense opportunity for growth, including new trans-Tasman trading opportunities for our agency partners and clients to strategically plan and buy best-in-class OOH across both key markets to better amplify their brands.
"We look forward to working closely with the MediaWorks team on this exciting new chapter."
Wendy Palmer, MediaWorks' CEO, said she's thrilled.
"Since 2019, MediaWorks has built a strong relationship with QMS, and this transaction marks the next chapter in our partnership," she said.
"Together, we are bigger, stronger, and better positioned to deliver market-leading audiences to clients across the region."
Barclay Nettlefold, chairman of QMS and MediaWorks, said this transaction builds on QMS’ longstanding partnership with MediaWorks.
"With significant OOH tender opportunities on the horizon in New Zealand, we plan to leverage QMS’ reputation, track record and status as the partner of choice in digital OOH in Australia," he said.
"This, alongside MediaWorks’ strength in radio and digital, will enable us to deliver strong client outcomes and accelerate growth in New Zealand."
The transaction is expected to close in the June quarter, subject to customary regulatory approvals.
As part of the transaction, fresh funding lines will be established for MediaWorks, providing increased flexibility for growth investment.
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