US fund poised to take 100pc of Mediaworks

Oaktree now holds 77.8 per cent of Mediaworks shares. Photo: Sarah Ivey.

US based vulture fund Oaktree Capital is expected to soon be announced as taking 100 per cent ownership of Mediaworks, owner of TV3 and half the country's commercial radio stations.

Oaktree took a majority 77.8 per cent stake at the end of last month after buying out Westpac and Royal Bank of Scotland and look to have bought remaining private equity shareholders - TPG at 15.69 per cent and Bain Capital subsidiary Minot Light APAC at 6.49 per cent.

Mediaworks has declined to comment on the speculation.

The question now is whether internal takeover meets the requirement for significant bonuses for any sale which would go to the board.

The board is meeting today and will discuss the implications of a decision whether to go ahead with a proposed axing of Campbell Live.

In what is described as an unrelated announcement the head of marketing - Amanda Wilson is understood to have stepped down yesterday.

Oaktree has over 900 employees in Los Angeles (headquarters), London, New York, Hong Kong, Stamford, Houston, Tokyo, Luxembourg, Paris, Frankfurt, Singapore, Seoul, Beijing, Amsterdam, Dublin, Dubai and Shanghai. The company recently sold down its stake in Nine Entertainment, owner of Channel Nine in Australia, in advance of increasing its stake in MediaWorks.