MediaWorks and Australian outdoor advertising company QMS have agreed on terms for a merger to form the largest multimedia advertising group in the country.
The new company will retain the MediaWorks name. QMS will have a 40 percent shareholding and Oaktree Capital-managed funds, which owns the current MediaWorks, will retain a majority 60 percent shareholding.
QMS owns Omnigraphics New Zealand, which produces a range of outdoor advertising material such as billboards, bus and vehicle wraps, and furniture signage. Wayne Stevenson, chairman of QMS Media, says, “New Zealand is important to our business and we are excited about the potential opportunity to create a leading multi-media group that will transform the New Zealand advertising industry.”
Michael Anderson, chief executive officer of MediaWorks, will continue in his role. Jack Matthews, chair at MediaWorks, says, “Under Michael Anderson’s leadership, MediaWorks has made great strides over the past two years. With this proposed merger, MediaWorks will be able to further enhance its ability to deliver high quality local content and more effective advertising solutions to our customers. It will represent a significant investment in and commitment to New Zealand.”
