| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 9 December 2009 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100.0% of the shares of MediaWorks NZ Limited (MediaWorks), the value of the assets of MediaWorks and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | $825,909,000 (as at 31 August 2009) |
| Applicant | GR Media Holdings Limited United Kingdom (59.25%) Australia (31.92%) New Zealand (8.548%) Brunei (0.282%) |
| Vendor | HT Media Limited Singapore (35.9656%) Australia (17.9%) Netherlands (13.6964%) United States of America (10.0108%) New Zealand (10.0%) Switzerland (4.8328%) Japan (2.7616%) United Kingdom (2.4164%) Various (2.4164%) |
| Background | The Applicant proposes to acquire all of the share capital of MediaWorks. The acquisition of the shares in MediaWorks by the Applicant is part of a restructure of the MediaWorks Group. MediaWorks is New Zealand's leading private sector broadcast media company. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | James M Gibson Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 |