It’s posted prominently here on the home page of TVNZ’s One News website under the hearing ‘Business as usual’ for MediaWorks after receivership
The story beneath the heading quotes receivers of the company as saying a poor capital structure has “killed” MediaWorks New Zealand’s business.
The Auckland-based broadcaster, which owns TV3, Four, RadioLIVE, the Rock and MoreFM, was put into receivership today after a planned recapitalisation failed to win over its lenders.
MediaWorks has been looking at ways to reduce its debt burden after Australian private equity firm Ironbridge Capital bought 70% of the company in 2007 for some $741 million.
And so on.
Radio NZ had the news on its home page (here) under the heading TV3’s owners in receivership.
On the NZ Herald home page at time of writing (here), the news was headed Mediaworks: It’s business as usual.
On Stuff’s home page, it was down the list a bit (here) under the heading MediaWorks to dispute tax payment.
But 10 minutes later it had been displaced by other stuff.
And how did TV3 rate the news?
Not good enough for its home page.
But they did not ignore it.
They gave it a place on the Business news page (here).
But that was around 1pm today.
By the time you get around to reading this post, the news on each of the pages cited here may well have been changed.