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US hedge fund ups stake MediaWorks

New Zealand Herald – US hedge fund Oaktree Capital, which is in the process of floating Australia’s Nine Entertainment, has lifted its stake in local free-to-air broadcaster MediaWorks, whose stable includes TV3 and Four, and radio stations including the Rock, MoreFM and RadioLive.

Los Angeles-based Oaktree, which manages US$79.8 billion of assets worldwide, increased its ownership of the broadcaster’s ultimate holding company, MediaWorks Investments, to 43 per cent on Nov. 8, taking on Rabobank’s 14.6 per cent stake, according to filings with the Companies Office. A spokeswoman for Rabo confirmed the bank’s exit in MediaWorks, without commenting on details of the transaction.

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