- Sports Entertainment Group’s (SEG) subsidiary is set to acquire 29 AM and FM radio licences from TAB New Zealand
- The company has signed an agreement through its Sports Entertainment Network and the newly established Sports Entertainment Network New Zealand
- The acquisition includes supporting infrastructure and racing broadcast radio rights
- Consideration for the buy is not material and is expected to be funded from existing cash reserves and borrowings, but an exact amount has not yet been disclosed
- Sports Entertainment Group closed the day flat at 26 cents per share
Sports Entertainment Group’s (SEG) subsidiary is set to acquire 29 AM and FM radio licences from TAB New Zealand.
Sports Entertainment Network and the newly established Sports Entertainment Network New Zealand (SENZ) have signed an agreement, which includes supporting infrastructure and racing broadcast audio rights.
SEG affirms the collective is set to become New Zealand’s new home of sport and racing in its broader bid to assert itself as the main destination for New Zealand sports fans.
The SENZ collective has signed former New Zealand cricket test captain Brendan McCullum to front and co-host show’s breakfast shift, which will deliver breaking sports stories, news and opinion.
Consideration for the buy is not material and is expected to be funded from existing cash reserves and borrowings, but the exact amount has not yet been disclosed.
Sport Entertainment maintains the acquisition is expected to deliver an immaterial reduction to FY22 earnings but will provide greater longer-term EBITDA growth in the future.
“New Zealand is one of the most passionate places in the world for international and local sport and we are delighted to have reached an agreement to unleash SENZ onto an unrivalled radio footprint across the whole country,” Sports Entertainment’s CEO, Craig Hutchison commented.
Sports Entertainment Group closed the day flat at 26 cents per share.