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Business

Sports Entertainment Group completes NZ$130m MediaWorks acquisition

SEG has completed its acquisition of MediaWorks, creating a trans-Tasman audio group reaching more than five million weekly listeners.

By Priya Raman · · 1 min read

Sports Entertainment Group Limited (ASX: SEG) has completed its acquisition of MediaWorks Topco Limited, New Zealand’s leading audio business, in a deal valued at NZ$130 million (approximately A$107.6 million) on a cash and debt-free basis.

The completion, announced on 1 October 2026, follows the binding agreement struck on 12 August, which had targeted completion for 1 October subject to customary conditions including New Zealand Overseas Investment Office approval.

SEG chief executive Craig Hutchison said the completion “marks a landmark moment”, transforming SEG into a scaled trans-Tasman media group reaching more than five million listeners each week across Australia and New Zealand.

MediaWorks is New Zealand’s largest radio business, holding around 59 per cent audience share in the key 25-to-54 demographic and reaching roughly 2.4 to 2.51 million listeners weekly. Its brands include The Rock, More FM, The Sound, George FM, Mai FM, The Edge and Breeze, alongside the rova digital audio platform, which has more than 540,000 monthly active users.

The combined group’s pro forma unaudited LTM EBITDA to September 2026 stands at A$42.9 million post synergies, up from A$41.1 million to 30 June. Around A$5 million in annual synergies have been identified. SEG said it had raised A$15 million in new equity since the deal was announced and outlined a pathway to reduce pro-forma net debt leverage, currently 1.84 times, to about 1.2 times within two years.

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