Sports Entertainment Group completes acquisition of MediaWorks

Sports Entertainment Group Limited (ASX: SEG) today confirmed it has completed the acquisition of 100% of MediaWorks, New Zealand’s number one audio business, for an enterprise value of NZ$130 million, equivalent to approximately A$107.4 million, on a cash and debt free basis.

The acquisition brings together SEG’s Australian sports media network and MediaWorks’ leading music and entertainment brands, creating a trans-Tasman media group reaching more than five million listeners across Australia and New Zealand.

MediaWorks reaches 2.4 million listeners each week through brands including The Rock, More FM, The Sound, George FM, Mai FM, The Breeze, The Edge, Channel X, Breeze Classic and Humm FM. It also operates rova, its digital audio platform for live radio, podcasts and on-demand content.

Together, the businesses offer advertisers broader access to audiences across sport, music and entertainment, supported by capabilities spanning radio, digital, podcasts, television production and live experiences.

SEG Chief Executive Officer Craig Hutchison said the completion marked a significant milestone for the group. “Today marks a landmark moment for Sports Entertainment Group. Completing the acquisition of MediaWorks which is New Zealand’s #1 audio business transforms SEG into a truly scaled, trans-Tasman media group reaching more than 5 million listeners across Australia and New Zealand. This is exactly the kind of strategically important and value driving transaction we have been building toward.”

The acquisition provides a platform to extend SEG’s sports, events and entertainment offering into New Zealand, drawing on MediaWorks’ established audience, advertiser relationships, talent and infrastructure.

Integration planning between rova and SEG’s SEN digital platform also presents opportunities to grow the group’s digital audio offering and bring its content to more listeners across both markets.

MediaWorks’ existing management team, led by Chief Executive Officer Wendy Palmer, will continue to lead the New Zealand business.

Both businesses enter this next chapter with positive trading momentum, as outlined in SEG’s ASX announcement released today. “Both businesses are performing strongly into Q1 FY27. We are already seeing the benefits of the combination in our advertiser conversations and digital platform integration planning. The MediaWorks management team, led by CEO Wendy Palmer, has been outstanding throughout this process and we look forward to building something exceptional together,” Hutchison said.

About Sports Entertainment Group (ASX: SEG)

Sports Entertainment Group (SEG) is Australia’s only whole-of-sport media platform. Through the Sports Entertainment Network (SEN) it holds broadcast rights across major sporting codes including the AFL, NRL, cricket, the NBL and the Australian Open, and produces more than 100 sport talk programs across a national network of owned and syndicated radio stations. The group also owns professional sporting teams, and operates production, digital, marketing and talent businesses including Ballpark, Rainmaker, Bravo, Odessey and Project Diamond. SEG connects brands to fans across radio, digital, social, podcast, television production and live experiences.

About MediaWorks

At MediaWorks, audio is what we do best, and through our premium radio brands and suite of chart-topping podcasts - New Zealand listens to us. Home to our most loved radio brands - More FM, The Edge, George FM, Mai, The Rock, The Sound, Breeze, Breeze Classic, Channel X and Humm FM - and podcasts from kiwi icons like Brodie Kane (Let her finish, Kiwi Yarns), Martin Devlin (DSPN) and Jay & Dunc from The Rocks global hit Not for Radio, we reach millions of Kiwis each week through voices they know, trust, and love. www.mediaworks.co.nz