MediaWorks' subsidiary RadioWorks has repaid the $32.28 million outstanding on a 'loan' signed off by former Communications Minister Steven Joyce that allowed the media group to defer payments to the Crown for radio spectrum licences.
The balance of $32.28 million of principal plus interest was paid yesterday - almost two years ahead of schedule, current minister Amy Adams said in a statement.
MediaWorks had originally owed $43.3 million plus GST and had previously made two payments of $11.9 million. The Crown charged the private equity-owned company interest of 11.2 per cent.
Adams said eight broadcasters had chosen to take up a Crown offer of a deferred payment scheme in 2010 for their 20-year spectrum licences.
"The deferred payment scheme was intended to help take the financial pressure off a number of broadcasters during what was a difficult economic period," Adams said. "The scheme has clearly worked well and achieved its objectives."