QMS, an Australian outdoor media firm, now fully owns MediaWorks, the New Zealand-based ad and radio business.
QMS – which formerly held slightly less than 55 percent ownership of MediaWorks – acquired the remaining 45 percent from US-based investment firm Oaktree Capital Management.
MediaWorks has ownership of popular radio stations such as The Breeze, Mai FM, More FM, and The Rock.
Previously, it had ownership of television channel Three before selling it off to Warner Bros. Discovery based in the United States.
Regarding the complete QMS takeover, MediaWorks CEO Wendy Palmer expressed her enthusiasm, stating she was "thrilled about this significant moment."
"Since 2019, MediaWorks has forged a robust alliance with QMS, and this deal signifies the beginning of a new phase in our collaboration," Palmer stated.
Barclay Nettlefold, who chairs both QMS and MediaWorks, stated that this agreement expanded QMS' footprint in New Zealand.
"In conjunction with MediaWorks' strong presence in radio and digital audio, this collaboration forms a leading media platform for advertisers aiming to connect with audiences throughout Australia and New Zealand," stated Nettlefold.
The financial details of the agreement were not revealed, and it hinged on getting approval from regulators.
Sign up for Ngā Pitopito Kōrero , A daily newsletter handpicked by our editorial team, sent directly to your inbox each weekday.