AUCKLAND, Tuesday: MediaWorks and QMS Media have officially completed their merger, establishing what is one of NZ’s largest multi-platform media companies.
The merged entity has also entered into an unconditional agreement to acquire ETC Media’s premium Christchurch digital billboard portfolio, adding 12 large-format digital billboards to its existing national portfolio.
With the merger completed, QMS will hold a 40% interest in the combined New Zealand business, with funds managed by Oaktree Capital Management holding a majority 60% shareholding.
QMS will hold two seats on the five-member board with Wayne Stevenson (QMS chairman) and Melbourne-based Barclay Nettlefold (QMS Group ceo/MD) appointed as directors, effective immediately.
The release (from MediaWorks Corporate Comms did not identify the fifth director.
“The integration process will take time – until them it will be business as usual till the end of the year.”
QMS now receives a capital return of A$38 million which will be used to repay part of the company’s banking facility.
MediaWorks chairman Jack Matthews said: “The addition of QMS’ very strong out-of-home business will give MediaWorks an unparalleled portfolio of assets to deliver outstanding results to our customers.”
Nettlefold said: “The merged QMS NZ and MediaWorks business will be the first in market to realise the combined power of out-of-home, radio, TV and digital as an unrivalled destination for advertisers to build brands and maximise audience reach.
“For QMS, the merged business remains a substantial ongoing investment in the New Zealand market where the combined capabilities of QMS NZ and MediaWorks can build on their existing market positions to drive future revenue growth.”
MediaWorks emphasises that the integration process “will take time” – until then it will be “business as usual at both companies” till the end of the year.
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