Sports Entertainment Group (SEG) has entered into a binding share purchase agreement to acquire MediaWorks, New Zealand's largest audio business, for NZ$130 million. The company stated that the transaction will materially increase earnings and establish a leading trans-Tasman media group at a time when Australasian media operators are pursuing scale to better compete with global streaming and digital audio platforms for audiences and advertising spend.

SEG will 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 deal combines SEG's Australian sports audio network with MediaWorks' radio and digital operations, producing a combined weekly audience exceeding 5 million listeners across Australia and New Zealand.

MediaWorks holds the number one position in New Zealand audio, capturing approximately 59% audience share among the 25-to-54 demographic and roughly 2.4 million weekly listeners. Its portfolio includes established radio brands and the rova digital audio platform, which has more than 540,000 monthly active users, positioning the combined entity with a owned digital distribution channel in a market where direct listener relationships increasingly differentiate traditional broadcasters from global streaming competitors.

The acquisition marks SEG's return to the New Zealand market through an established leader rather than building operations from the ground up. SEG noted that MediaWorks provides spectrum, talent, and infrastructure that would be both difficult and costly to replicate organically.

The company expects its sports-focused content to complement MediaWorks' music and entertainment offerings, creating a broader audience and advertiser proposition for the enlarged group. SEG has identified approximately A$5 million in annual synergies, while MediaWorks is projected to sustain more than 80% free cash conversion with relatively modest ongoing capital expenditure requirements.

The announcement coincides with SEG reporting a record FY26. Unaudited revenue reached A$152.8 million, up 38% on FY25, while normalised EBITDA rose 71% to A$18 million.

Following completion of the acquisition, the existing MediaWorks management team, led by CEO Wendy Palmer, is expected to remain in place to oversee the New Zealand business.

SEG said the transaction provides a substantially larger platform spanning audio, digital, sport, and entertainment, while opening a new channel to extend its Australian content and commercial relationships into the New Zealand market. Completion will be subject to customary regulatory and closing conditions typical for cross-border media transactions of this scale.