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Sports Entertainment Group has agreed to acquire New Zealand’s largest audio business MediaWorks for NZ$130 million, in a deal the company says will significantly lift earnings and create a leading trans-Tasman media group.
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The binding share purchase agreement will see SEG acquire 100% of MediaWorks on a cash and debt-free basis, with completion targeted for October 1, 2026.
MediaWorks generated A$131.2 million in revenue and A$18.1 million in EBITDA for FY26. The transaction brings together SEG’s Australian sports audio network with MediaWorks’ radio and digital operations, creating a combined weekly audience of more than 5 million people across Australia and New Zealand.
MediaWorks holds the number one position in New Zealand audio, with approximately 59% audience share among 25 to 54-year-olds and around 2.4 million weekly listeners. Its assets include radio brands and the rova digital audio platform, which has more than 540,000 monthly active users.
The acquisition also gives SEG a significant re-entry into the New Zealand market, this time through an established market leader rather than attempting to build a new operation from scratch.
The company said MediaWorks provides spectrum, talent and infrastructure that would be difficult and expensive to replicate organically. SEG’s sports-focused content is also expected to complement MediaWorks’ music and entertainment offering, giving the enlarged group a broader audience and advertiser proposition.
Around A$5 million in annual synergies have been identified, while MediaWorks is expected to maintain more than 80% free cash conversion with relatively modest ongoing capital expenditure requirements.
The transaction comes as SEG reports what it described as a record FY26. Unaudited revenue reached A$152.8 million, up 38% on FY25, while normalised EBITDA increased 71% to A$18 million.
Following the acquisition, the existing MediaWorks management team, led by CEO Wendy Palmer, is expected to remain in place to run the New Zealand business.
The transaction gives SEG a substantially larger platform across audio, digital, sport and entertainment while providing a new avenue for the company to expand its Australian content and commercial relationships into New Zealand.
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