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MediaWorks appoints Weldon's replacement

NZ Newswire logoNZ Newswire 1/08/2016 Paul McBeth

A file photo of Michael Anderson in 2006 © Reuters A file photo of Michael Anderson in 2006 MediaWorks has hired advertising company oOh! Media chairman Michael Anderson to replace Mark Weldon.

Mr Anderson will join the Auckland-based broadcaster at the end of August as chief executive and take a position on the board.

He will oversee TV3 and a stable of radio stations including The Edge, MoreFM and RadioLive.

Mr Anderson joins the company as it grapples with a soft advertising market and inherits Mr Weldon's restructure integrating the radio, TV and online businesses to become agnostic about the platform.

The broadcaster, owned by US private equity firm Oaktree Capital, generated trading earnings before interest, tax, depreciation and amortisation of $33.5 million in the 15 months to December, on revenue of $347.9m.

Mr Weldon departed the company in May following a string of high-profile staff departures and public relations disasters, including the breach of a central bank lock-up by TV3 Newshub reporters.

He claimed the "personal cost" of the role was too high.

Director Martin Dalgliesh followed him out the door in July after New Zealand-based Jack Matthews, a former chief of TelstraSaturn, and Oaktree Capital executive Jonas Mitzschke were appointed directors in April.

MediaWorks chief financial officer David Chalmers, who was acting chief executive and tipped to be in the running for the top job, will leave the broadcaster to take on the chief financial officer role at Spark New Zealand.

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