Radio leader off the air with $8m

By SIMON HENDERY media writer

After 17 years spent building an eclectic radio empire - making a few million dollars along the way - Steven Joyce is tuning out.

The former Radio Broadcaster of the Year says he is quitting as managing director of RadioWorks, the country's second-largest radio company, to travel and "chill out for a while."

The announcement came in the same week RadioWorks was delisted from the Stock Exchange after being swallowed by Canadian media giant CanWest.

Selling his stake in the company to CanWest in December earned Mr Joyce about $8 million - a sum that contrasts with his humble beginnings in the industry when, in 1984, he and some university friends set up Taranaki's first private radio station.

"It was a big achievement for a bunch of varsity boys to start a radio station in New Plymouth, and that's probably what gave us the confidence [to expand]," he said.

"Looking back, you think that's not a big deal but at the time it was a bloody big deal and a huge challenge."

The business grew to several stations across the country, and in 1997 merged with Derek Lowe's Radio Pacific. It now encompasses networks Radio Pacific, Solid Gold FM, The Rock and The Edge, plus 22 local stations.

Mr Joyce had indicated he expected to continue on when CanWest - which also owns TV3, TV4 and the More FM radio group - took control of RadioWorks.

"They were keen to keep me on board," he said.

"However, if you've been pretty much rowing your own canoe, as I have been for the last several years, it's hard to take a back seat.

"I think I might have been frustrated and that wouldn't have been good for me or the company."

He said he intended stepping down in about a month after a round of farewell visits to branch offices.

After "17 years of hard work," he was contemplating travel. The future might or might not include more media work. "It's just a case of what comes up."

Mr Joyce said a highlight of his time in the industry had been building three diverse networked music stations when critics had said networking would not be successful.

"I think we've proved that's not the case." He is confident of CanWest's ability to manage RadioWorks, which turns over $60 million.

"The reality is they've invested a lot of money and I think they know the value of the business. There are some very good people within the business who know how it works and it's over to them now."

The combined RadioWorks and More FM operations will be managed by CanWest's NZ chief, Brent Impey.