Thread by @althecat

This story helps fill some of the gaps in our understanding about Govt. Media policy. Thank you @NewsroomNZ

Govt seeks no condition on TV3 local news in Discovery buy-out newsroom.co.nz/govt-offers-no…

And Discovery's plans for TV3, from Mark Jennings. newsroom.co.nz/discoverys-pla…

This story also from @jmjenningsnz from October 2019 completes the overview picture of MediaWorks second near death experience in the past decade.

newsroom.co.nz/three-go-publi…

Sccop.co.nz / Werewolf.co.nz also wrote about the MediaWorks crisis back in late 2019 here... scoop.co.nz/stories/HL1910…

Mediaworks first cash crisis came back in the 2013-2015 when the channel was given a lifeline by Oaktree Capital a foreign private equity firm.

Here's @businessdesk_nz 's coverage from November 2013 - when Oaktree upped its stake to 43%. scoop.co.nz/stories/BU1311…

In August 2014, Mark Weldon, the former owner of NewsRoom.co.nz when at the helm of NZX was appointed as CEO of Mediaworks scoop.co.nz/stories/BU1408…

Then In April 2015 Oaktree went to 75%,. scoop.co.nz/stories/BU1504…

Shortly before this transaction was announced Mark Weldon announced the closure of @JohnJCampbell's prime time news show Campbell Live.

As part of its own efforts to stay alive Scoop.co.nz launched a campaign to #SaveCampbellLive. scoop.co.nz/stories/HL1504…

And soon after in June 2015 Oaktree completed its purchase. scoop.co.nz/stories/BU1506…

Tragically Mediaworks didn't just cancel Campbell Live they also deleted all of its content - losing forever their coverage of the Christchurch Earthquakes, the @KimDotcom raids....

... investigations into the GCSB Shenanigans when John Key appointed a childhood friend & tourism executive as the head of the GCSB. And perhaps most importantly #DirtyPolitics.

Weldon didn't manage to turn things around with Oaktree and left a year later in 2016.

May Resignation - scoop.co.nz/stories/BU1605…

April Prelude - Weldon's Wings clipped scoop.co.nz/stories/BU1604…

And several more executives and directors followed him out the door.

Mark Jennings - Head of News May 2016 nbr.co.nz/article/murphy…

Martin Dalgleish - Director - July 2016
scoop.co.nz/stories/BU1606…

Julie Christie - Director June 2017 scoop.co.nz/stories/BU1706…

Things quieted down for a bit but by the end of 2018 the future of Mediaworks was back in the news with a Merger with Australian advertising business QMS.

Initial report -Nov 29 scoop.co.nz/stories/BU1811…

Deal Done - Dec 10 scoop.co.nz/stories/BU1812…

But then in May 2019 the company reported a $5.5 Million loss which goes someway to explaining the Oaktree decision to do the deal with QMS. scoop.co.nz/stories/BU1905…

But that the merger didn't solve the bottom line problem it seems and in October 2019 Mediaworks TV Business was put up for sale by Oaktree. businessdesk.co.nz/article/mediaw… (paywall)

Which nearly catches us up to the period Stephen Parker covers in the OP. The period when Mediaworks was "in crisis", a crisis which deepened. A crisis which was presumably alleviated a little by the Covid media support payments announced in the May 2020 budget.

Shortly after that package was finalised CEO Michael Anderson departed in July and then the sale to Discovery was announced in September.

(These last 5 stories.... are available at businessdesk.co.nz which has a very reasonable subscription price and an excellent service.)

All this goes a long way to explaining the bigger story about why Govt. support for NZ News Media via the new Public Interest Journalism Fund, managed by @NZonAir has been needed.

But it doesn't make it any less controversial.

/ENDS

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