“…Private equity company Ironbridge has finally revealed the parlous state of TV3 operator MediaWorks, releasing accounts that show a mammoth $314 million loss for the year to August 31, 2009.
After being loaded with debts when bankers bought it in 2007, the media firm that owns TV3, C4 and several radio stations has had to shell out more than $91 million a year in interest.
Financial statements to the Companies Office show MediaWorks’ holding company – HT Media Holdings – weighed down with the debt from Ironbridge’s leveraged buyout in 2007.
The big bottom line loss includes a write-off of $258 million in goodwill – representing more than 30 per cent of the 2007 purchase price.
The $314 million loss compares to a $40 million loss for the previous year…”
(gee..!..i wonder if the person(s) who pulled this stinking dead-albatross of a ‘deal’ together..are still there..?
..and..did they get a nice big bonus..?
..(um..!..any clawback provisions there..?..you’d hope..?..eh..?..)
go to source/story>>>MediaWorks owner reveals $314m loss – Business – NZ Herald News
