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Mergers and acquisitions in the Australian media sector will be top of mind as CanWest MediaWorks shareholders gather in Auckland for the company's annual meeting tomorrow.
With many New Zealand media assets under Australian ownership the relaxation of media regulation in Australia, taking effect next year, is predicted to spark ownership changes here.
MediaWorks mix of television and radio assets are considered an attractive target, but any takeover will need the agreement of major shareholder CanWest Global.
Canadian-based CanWest Global currently holds 70 per cent of MediaWorks in New Zealand. The remainder of the company was publicly floated in July 2004.
Speaking at the Ten Network's annual general meeting in Sydney yesterday, Canwest Global boss and Ten Network director Leonard Asper had nothing to say on the company's review of opportunities arising from Australia's new media ownership laws.
"We've made a statement and, I think, until we make another statement, there's nothing to add," Asper told journalists on the sidelines of Ten's annual meeting.
CanWest, which has a 56 per cent stake in Ten, appointed advisers in October to look at opportunities arising from the Australian media reforms.
CanWest Global own a range of media assets in Canada, Australia and Ireland, including newspapers, outdoor advertising, radio and television stations.
Founded in 1974 by Israel "Izzy" Asper, father of current chief executive Leonard Asper, CanWest Global entered the New Zealand media market in 1991 when it bought the then struggling TV3.
CanWest MediaWorks operates TV3 and C4 under the TVWorks brand, and radio stations The Edge, Kiwi FM, The Rock, Solid Gold, Radio Live, Radio Pacific, More FM and The Breeze.
