'Campbell Live' is one of the flagship programmes on TV3.
The Australian private equity firm that is buying out CanWest MediaWorks, Ironbridge Capital, is a newcomer in the media sector although they're no stranger to operating in New Zealand.
Ironbridge's most recent investment here was in December last year when it bought EnviroWaste, New Zealand's largest waste management
business.
In 2005 it bought up 14 retirement homes and incorporated them under the name Qualcare.
Also in 2005 it led the management buyout of Auckland City Backpackers with 1200 beds in Auckland, Queenstown, Paihia and Rotorua.
But Ironbridge's purchase of broadcasting assets is one of its biggest and it will be its highest profile operation in New Zealand.
The purchase includes TV3, C4 and half of New Zealand's commercial radio stations including More FM, Radio Live, The Rock, The Edge and Radio Pacific.
Ironbridge today signed an agreement with the Canadian controlling shareholders, CanWest Global Communications, to buy its 70 per cent stake in the company.
The Winnipeg, Manitoba-based company that has run TV3 since 1992 was paid $2.43 per share, which was 49 per cent higher than the share value in October when it announced its sale process.
The offer values MediaWorks at $727 million, including net debt.
Private equity firms traditionally do not like to operate within publicly listed companies.
So with 70 per cent in hand the next step will likely be for Ironbridge to reach another 20 cent of shares.
Once it reaches 90 per cent the remaining shareholders must sell out.
But few remaining shareholders are expected to sell in the next two to three weeks while they await a report from the independent shareholders in CanWest.
Whilst active in the Australasian business scene, Ironbridge is relatively small in the heady world of private equity - a sector of the economy that has been in acquisition mode around the world.
Ironbridge says that it is aimed at investments of A$50-$150 million.
None of its current holdings are in media, so Ironbridge will be heavily reliant on its existing management team headed by chief executive Brent Impey.
The Herald reported last week that Impey would pocket $3 million if CanWest sold out of the company.
That sale by the Canadians has effectively happened and Ironbridge is now the majority shareholder.
The next question will be wither Impey and other management have a stake in the new company.
