Leading law firm, MinterEllisonRuddWatts advised MediaWorks on its sale agreement to sell MediaWorks TV to Discovery Inc (Discovery), a global leader of ‘real-life’ entertainment.MediaWorks is New Zealand’s largest independent commercial broadcaster, with MediaWorks TV comprising free-to-air channels Three and Bravo, streaming service ThreeNow, and multi-platform news and current affairs service Newshub, as well as the further channels Three+1, Bravo+1, The Edge TV and The Breeze TV.
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The MinterEllisonRuddWatts deal team, led by partners Mark Forman and Tom Maasland included partners Kate Lane, Gillian Service and Andrew Monteith, and Senior Associate James Marriner.Upon reaching agreement, Corporate Partner Mark Forman said: “This complex and ground breaking deal is a fantastic result for MediaWorks and Discovery, and we are delighted to continue the firm’s longstanding relationship with MediaWorks.”
“This deal will help shape how media is consumed in New Zealand, and importantly it safeguards free to air options for New Zealanders seeking excellent independent entertainment, news and media. An independent news media continues to play a vital role in New Zealand society”.
Following completion of the sale, MediaWorks will focus on the growth and success of its radio and out-of-home media businesses with more than 2.4 million weekly listeners and 1,700 advertising panels.
The sale agreement is subject to several pre-completion approvals and is expected to complete in late 2020. MinterEllisonRuddWatts worked alongside UBS and KPMG on the transaction.
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