MediaWorks to take over NZ arm of Australia’s QMS

MediaWorks, which owns television channel Three, will merge with the New Zealand arm of Australian media company QMS to form a single business by the end of June. The combined entity will be majority-owned by MediaWorks’ existing shareholder, US private equity firm Oaktree Capital, with QMS holding a ‘‘material but non-controlling stake’’. The deal remains subject to conditions, but it has been agreed that MediaWorks chief executive Michael Anderson would head the firm. QMS is valued at A$310 million (NZ$330m) on the ASX and its main business is providing outdoor advertising in Australia and New Zealand, including at sports grounds. QMS said growth in its outdoor advertising business had been slowing year on year, and QMS NZ was performing ‘‘in line with the market’’.