Mediaworks in strife

Mediaworks, the owners of TV3 and RadioLive amongst others has been placed in receivership; the Herald reports:

MediaWorks NZ, the broadcaster whose stable includes TV3 and Four, and radio stations including Radio Live, the Rock and MoreFM, is "well advanced" with plans for new ownership after being placed in receivership this morning.
KordaMentha's Brendon Gibson and Michael Stiassny have been appointed to oversee the restructuring plan which had the support of lenders to pay suppliers before the receivership was announced, they said in a statement.
"We are in a fortunate position whereby MediaWorks' funders have been provided funding and are committed to the future of the business," Gibson said. "Arrangements are well advanced with a proposal to transfer the business to new ownership suitable for the long term."
KordaMentha is holding a press conference in Auckland today at 10.15am.
As part of the restructure prominent Australian businessman Rod McGeoch will chair the company taking over MediaWorks, and former Eyeworks Touchdown boss Julie Christie, best known in New Zealand for a string of reality TV series, will join him on the board.

McGeoch said the new capital structure will cut the broadcaster's debt to less than $100 million, leaving it in "a much stronger financial position."

It is not in anyone's interest for Mediaworks to fail; commercial broadcasting needs competition. TVNZ and The Radio Network holding a monopoly on our news and current affairs would not be desirable.

Doubtless there'll be more to come on this story later today and in coming days, but for the moment it's business as usual at Mediaworks. Stay tuned for any significant updates...