Mediaworks has agreed a merger deal with outdoor advertising specialist QMS NZ.
Under the agreement, Australian-based QMS will merge its NZ out-of-home, digital media and production businesses into Mediaworks, which is NZ’s biggest radio operator and owner of the TV network Three and Bravo.
The companies say the deal – which is expected to be completed in the second quarter of 2019 – will allow advertisers to build brands and maximise their audience across a variety of media platforms
Michael Anderson (pictured), who will remain CEO of MediaWorks, says the merger would create an unrivalled multi-platform media company that would have unprecedented capacity to integrate clients across four platforms – radio, TV, out-of-home and digital.
“This will present an outstanding opportunity to build our market presence with product and audience breadth in an environment where we are able to grow and enable our continued investment in local content across television, radio and digital.”
QMS chairman Wayne Stevenson adds: “New Zealand is important to our business and we are excited about the potential opportunity to create a leading multi-media group that will transform the New Zealand advertising industry.”
Under the proposed merger, the ASX-list QMS will receive “a material but not controlling share” of the company in the expanded MediaWorks business, with funds managed by Oaktree Capital Management retaining a majority stake.
Mediaworks’ radio network include the brands Mai, The Edge, George FM, The Rock FM, More FM, The Sound and The Breeze. Earlier in the month, it was revealed that Mediaworks would be merging its talk network RadioLIVE with Magic.