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Don't hold your breath for MediaWorks IPO

MediaWorks has denied media speculation the television and radio broadcaster company will float on the NZX in the near future.

A story today in the Australian Financial Review claims US hedge fund Oaktree Capital, MediaWorks’ controlling shareholder, held preliminary talks with Australia's Seven West Media and other media organisations earlier this year about buying into the company. Discussions apparently stalled on the asking price.

The story goes on to note the appointment of ex-NZX boss Mark Weldon as MediaWorks’ CEO has fuelled speculation an IPO is imminent for the media company.

On the contrary, says MediaWorks spokeswoman Rachel Lormier, “The recent appointment of Mark Weldon as MediaWorks Group chief executive is a signal from the board of real confidence in the future of MediaWorks, and a commitment to creating real value in the business.

“MediaWorks has no immediate plans for an IPO – being focused on creating value for our owners – but are confident, however, that this business would be well supported if it were to pursue an IPO,” she says.

Comments and questions
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"Don't hold your breath for MediaWorks IPO" - was anyone holding their breath? I dont think another private equity IPO of a basket case business was eagerly awaited.....