Media Works rescue

New Zealand broadcaster MediaWorks has been placed in receivership after its private equity owners and bankers failed to agree on a refinancing deal.

New Zealand broadcaster MediaWorks has been placed in receivership after its private equity owners and bankers failed to agree on a refinancing deal. But investors led by Australian businessman Rod McGeoch are set to take over the company that operates NZ's TV3 and Channel 4 television networks, and half of NZ's commercial radio stations.

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