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A takeover is looming for CanWest MediaWorks New Zealand but it says that whatever happens its two halves - RadioWorks and TVWorks - will not be split.
The company is preparing for management talks and due diligence involving "a handful" of potential new owners in the near future.
And chief executive Brent Impey says that if there is a sale the chances of separation are nil.
The comments were made yesterday as the company delivered a strong half-year result to February 28 that Impey said was due to a significant "bounceback" in the New Zealand economy after a difficult winter last year.
The television division including TV3 and C4 - whose operating profits were up 14 per cent on the same six months in 2006 - was the star performer.
But Impey said advertising demand was strong for TV and for radio networks that include More FM, RadioLive, The Breeze, The Rock and Edge FM.
The operating profit for the group was $36.3 million, up $2.3 million or 7 per cent from the same half year in 2006.
Net profit was up 9.7 per cent to $14.6 million and the company delivered an interim dividend of 4.8c a share.
Canadian majority shareholder CanWest Global Communications has been looking to sell its New Zealand interests and Australian Ten Network.
The investigation of sale options follows the relaxation in Australian media laws that take effect tomorrow and have led to takeover premiums on media stock. No name has yet emerged as a likely buyer for CanWest NZ.
"We are expecting to move to a series of management interviews and due diligence among a handful of bidders in the near future," Impey said.
He was not prepared to specify how many bidders make up his handful.
But he was confident that if there were a sale, the chances for a separation of New Zealand radio and TV assets "are nil". However he did not rule out the possibility that a potential bidder in the Ten Network in Australia might also bid for CanWest NZ.
One analyst described the half-year result as impressive in a far-from-easy market.
The share price was up 5c to $2.25.
The analyst said one view was that any sale might deliver $2.70 a share, which would represent a return of 20 per cent at the present price.
On the other hand, there was always the possibility of no sale.
Impey said the results were "pleasing" and the company was taking a conservative interpretation on the second half.
CanWest's positive outlook is a stark contrast to the bleak half-year report for TVNZ.
It will establish a strong foundation for Impey and management should they seek a management stake once ownership is resolved.
Much of the growth appears to have been at the expense of TVNZ and in particular a long, slow decline for TV One.
Impey said that strong TV2 performers such as Ugly Betty and Desperate Housewives probably had not met TVNZ expectations.
He acknowledged that total television viewing numbers were down last year but TV3 and C4 had more than compensated for that by taking audience share away from TVNZ.
Impey said he did not share TVNZ chief Rick Ellis's gloomy expectations for the second half and said advertising packages for TV3's key winter programming asset - the Rugby World Cup - had already been sold and at worst the special would break even.
He said CanWest was aimed at reaching a tipping point over dominance of the TV advertising market.
Overall, he said, forward advertising bookings across both radio and television looked very encouraging and demand for advertising, particularly television, appeared to be strong.
Impey estimated that ebitda for the year would be close to $65.7 million. But one analyst thought that he was being conservative.