Agreed. This is highly disappointing.
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Our Sophie loves Tova - rates her highly, one of the best broadcasters in NZ she thinks
Buy me the radio station that Tova works for Sophie tells Jarden
Tova O'Brien alone is worth $50m
Lol radio. RADIO. Ha ha ha. What a let down.
https://www.nzx.com/announcements/393305
Sky addresses media speculation
Sky Network Television Limited (NZX/ASX: SKT or Sky) wishes to address recent speculation in the Australian Financial Review and other media sources in relation to Sky’s possible acquisition of MediaWorks Holdings Limited (Mediaworks).
Sky advises that:
- it is currently in exclusive negotiations with Mediaworks shareholders regarding a potential acquisition of MediaWorks’ radio and out of home advertising business;
- the likelihood of a transaction proceeding is still highly uncertain with discussions and due diligence ongoing and incomplete; and
- under the current proposed transaction structure if an acquisition of Mediaworks proceeds, it would not require Sky to raise new equity but would require approval of an ordinary resolution by shareholders at an Extraordinary Shareholder Meeting.
Sky indicated at the time of announcing its interim results on 24 February 2022 that it is assessing opportunities to invest capital to accelerate the growth of the business, generate new revenue streams, and deliver improved returns for shareholders.
Sky management and Board see the possible acquisition of MediaWorks as consistent with this strategy.
We confirm Sky Network Television Limited is in compliance with its continuous disclosure obligations under both the NZX Listing Rules and the ASX Listing Rules.
No worries - Sky indicated at the time of announcing its interim results on 24 February 2022 that it is assessing opportunities to invest capital to accelerate the growth of the business,generate new revenue streams, and deliver improved returns for shareholders.
Tova will see to that ……Tova and Sophie both have that hard stare look so should get on well together.
..So...we jump on the boat to go 'Big Game Fishing', hoping to catch a Marlin or a Great White....and we hook a Spotty...
Next thing you know they are going to buy a fax machine distributor.
At least not going to plead for more cash from shareholders
But shareholders see the mountain of cash disappear ….probably for good
Not really worth commenting on until the terms of the deal are seen. Although not my preferred option, anything can be worthwhile at the right price.
In any case, if this proceeds you will get your say as it'll require approval via shareholder vote.
"under the current proposed transaction structure if an acquisition of Mediaworks proceeds, it would not require Sky to raise new equity but would require approval of an ordinary resolution by shareholders at an Extraordinary Shareholder Meeting."
So we all get to vote on this before it happens right?
Are they looking at Video-Ezy too?
If Sky can buy the entity for around 50-75m and take on the debt, I don't think it would be that bad a deal. Will be interesting to see what the terms are.