MediaWorks was placed into receivership yesterday and a new board is being setting up to run the company's assets. Photo / NZH
MediaWorks was placed into receivership yesterday and a new board is being setting up to run the company's assets. Photo / NZH
Another Australian has been appointed to the team that will run TV3 and the rest of MediaWorks' media stable when it comes out of receivership.
A former director of Australian media company PBL involved with the nine Network - Martin Dalgleish - will join chairman Rod McGeoch and former realityQueen Julie Christie overseeing the firm, which will be owned by out-of-pocket banks.
Dalgleish has a background in new media and will bring added expertise for the company which has previously struggled to keep up with new media developments because of limited capital.
The receivership is part of an unusual recapitalisation of the company, which receivers at Kordamentha say means new owners - made up of out of pocket banks - will not have to take on the potential cost of an estimated $22 million potential obligation to the Department of Inland Revenue.
The new board will initially represent the banks' new company but it will also likely have a role bringing in new investors to the media company to take it of their hands.
Banks have lost dearly on their funding and are not expected to keep their equity role for a long period.
LinkedIn describes Dalgleish as an experienced company CEO, chairman and managing director, with 25 years in technology, consumer, telco and media with leading brands including PBL, Optus, Dixons, Rank, PepsiCo, IBM.
The directory says he has various non-executive director roles within many of Australia's leading media and online brands.
