MediaWorks investors bought out

US private equity firm Oaktree Capital has increased its stake in New Zealand broadcaster MediaWorks after buying out two shareholders.

Oaktree now holds nearly 78% of the company, which owns TV channels TV3, Four and The Edge TV, radio networks and websites.

Financial institutions RBS and Westpac sold their stakes to Oaktree. The other remaining investors are TPG Markets and Minot Light APAC.

Oaktree was part of the consortium that bought MediaWorks in November 2013 after it was placed in receivership.

The private equity firm and Apollo Global Management were the biggest shareholders in Australia’s Nine Network until the company was floated in 2013.

MediaWorks Group CEO Mark Weldon said: “Oaktree is an experienced, long-term investor in media businesses. They are a serious, very well managed investment company with a very strong reputation and track record, including a very successful investment in Nine in Australia.”