Looking at all of this it doesn't seem to add up. Does anyone else think there's something else going on here? Stallion might be on to it. Or are the board that outa touch with reality?
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Looking at all of this it doesn't seem to add up. Does anyone else think there's something else going on here? Stallion might be on to it. Or are the board that outa touch with reality?
Yeah - PE get the SKT Cash & a large chunk of SKT to get them out of a tight spot quitting a troublesome MW
Very easy to dump a swag of listed SKT shares on the market for the full exit stage right at a good price than trying to rid themselves of troublesome media empire bizzo thats been bleeding red forever & not many would want to touch with a barge pole :)
The current SKT board have probably been told by PE that their seats are safe & Fees will be doubled if they play the game taking in the MW Lemon, while PE have a stockpile of SKT Shares ? Sound like a likely scenario ? ;)
Wonder if Joan can broker a deal to offload the Lemon to Fairfax for $300m or sell it for a buck inclusive
of all the debt out to Stuff ? ;)
Wasn’t Sky TV a $2.7 billion company not that long ago
How convenient - here's MediaWorks latest Financial Statements filing 1 June 2022 for Y/e 31.12.21
Link is to a pdf on NZ Companies Office site
https://app.companiesoffice.govt.nz/...9962C1A0111E86
MEDIAWORKS INVESTMENTS LTD:
Balance Sheet shows they are $300m Gumboot deep in Intangibles ; on net Shareholder Funds of $267m
Losses both years 2021 & 2020
Borrowings $108m $110m (Term & Current) Not much reduction there
Who in their right mind would recommend buying this thing or could see any major enhancement
arising from chucking it into SKT ? ;)
With slightest of bumps in the road ahead - markets, economy - affecting financial position
& loan servicing going forward - then what are intangibles worth in a firesale situation ?
MPG looks similar - doesn't it - in the balance sheet structuring :)
In fact look at MFB too
Election year next year - Covid wont star much going forwards, bruised bizzo's
events etc etc - a shadow of what was now crawling out of the rubble
How does that bode going forwards for MW or further pain & showers of Red ? ;)
PE badly want to reverse gear out of MW - that sticks out a mile
Why would a CEO be blessed with what came out to go seek deals for a bonus ?
PE want a cleaner nicer looking + more convenient exit arrangement from their Media problem child :)
SKT doesn't need MW - that's for sure
If SKT wait long enough - who knows they may get to pick up further pieces of MW they see
as fitting SKT, as MW hits the rougher sections of the road ahead .. & without wearing MW's
Debt monkey or taking onboard the more onerous or unnecessary bits, but @ knocked down
Liquidation / Receivers Inventory rates :)
At first glance, MWs FYE statement looks terrible. Is the next step to start protesting outside of Sky's head office?
And those two years were supposed to be good years for Media, Radio & Papers too
Plenty of Govt feel-good Covid cash washing around
Plenty of Govt prescribed locked up inside days
SKT didn't do too badly out of it though
NZM bounced it's way out of things in same period breaking recent records
Contrast that with what MW produced
And somewhere someone thinks SKT might like to take on MW with a welcome in doormat at a
large price on the house & a barrel full of monkeys on past sins needing settling up for good measure ?
Hillarious - isn't it ? :)