TV3 owner MediaWorks has bought radio station Mai FM for an undisclosed sum.
MediaWorks, which also owns a stable of radio stations including Radio Live, The Rock and The Edge, said today it was acquiring Mai FM's assets from Mai Media and Te Runanga o Ngati Whatua.
The deal includes the right to operate 88.6 Mai FM in Auckland and the purchase of assets such as the Auckland studio, two frequencies in Northland, plus two unused frequencies in the Orewa region.
"Our message is that nothing changes for Mai FM, except a greater level of investment and support for the brand," MediaWorks chief executive Brent Impey said.
Impey described the deal as the final piece of the jigsaw for MediaWorks' Auckland radio plans. The deal is set to settle on March 31.
MediaWorks itself is owned by Australian private equity fund Ironbridge Capital.
- © Fairfax NZ News
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