MediaWorks chief executive Cam Wallace has inked a multimillion-dollar deal reliant on finding new owners for the radio and billboard company. The pay-TV provider says it is in "exclusive negotiations with MediaWorks shareholders regarding a potential acquisition of MediaWorks' radio and out of home advertising business". Immediate investor reaction was negative, with Sky shares down 6.82 per cent to $2.46 in early trading. Following the sale of its TV business to Discovery in 2020, MediaWorks operates in the radio and outdoor advertising markets. Sky shares surged last week on a separate report that the company had courted bids from two private equity firms.

Source: Stuff June 07, 2022 01:08 UTC