Broadcaster MediaWorks is planning a radical restructure of its radio business - which could leave some big names fighting for jobs.

Staff were called to a meeting today and were told RadioLIVE will be merged with the existing Magic network and rebranded as 'Magic Talk'.

It is understood the radio stations may relocate in the future from MediaWorks' headquarters in Mt Eden to a new building in Ponsonby.

Staff may have to reapply for their jobs.

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There are also wide-reaching plans to scrap large parts of RadioLIVE's existing programming - with those whose shows are threatened including Mark Sainsbury and sports broadcasters Brendan Telfer, Jim Kayes and Andrew Gourdie.

Kayes said it was a "sad day" in a tweet he later deleted. "Lots of very good people losing their jobs. Nature of the industry."

Jim Kayes tweeted that lots of good people were losing their jobs.
Jim Kayes tweeted that lots of good people were losing their jobs.

The new station will be run by MediaWorks' music arm under the management of group content director Radio Leon Wratt, it is understood.

The company's radio and television simulcast of The AM Show and Drive will remain, as will the Newshub Live at 6 simulcast.

The weekend gardening show and rural exchange shows are also intact - but all other shows are understood to be shelved under the new structure.

A MediaWorks spokesperson confirmed "consultation" was underway with RadioLIVE staff.

"We will not be making any further comment at this stage - our priority is talking with our people."

In terms of financial performance, MediaWorks' radio arm has long been the standout performer within the business.

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MediaWorks' most recent result showed a net loss of $5.7m for the year to December on revenues of $300.2 million.

Radio reported revenue of $159.3m, up from $155.3 million while TV revenue was flat at $129.3m.

The loss was better than the $14.8m reported in 2016 and showed an improvement in the company's struggling television segment while Radio remained profitable.

The accounts also show Oaktree are, three years after taking over, still having to pour cash into the business. The fund manager tipped in $8m in 2017, following $14.5m the year earlier.

The company has also juggled its balance sheet after refinancing a five-year loan facility of $72.9m.