Sports Entertainment Group Limited (ASX: SEG) announced today, 1 October 2026, the completion of its acquisition of MediaWorks Topco Limited, New Zealand’s leading audio business. The deal, valued at NZ$130 million (approximately A$107.6 million equivalent) on a cash and debt-free basis, significantly expands SEG’s footprint. Sports Entertainment Group Limited operates as an Australian sports audio network and media group, providing diverse sports and entertainment content. CEO Craig Hutchison stated the completion marks a landmark moment, transforming SEG into a truly scaled, trans-Tasman media group poised to reach over 5 million listeners across Australia and New Zealand.
Both businesses have continued to trade well into the first quarter of FY27, maintaining positive operating momentum. SEG’s Australian business forecasts a 10% increase in Q1 FY27 underlying EBITDA compared to the prior corresponding period, driven by events such as the Legends Game, NFL Melbourne Game, and AFL and NRL Finals. MediaWorks has also shown consistent monthly growth in its last 12 months (LTM) EBITDA during Q1 FY27, heading into its strongest quarter from October to December. The pro forma, unaudited September 2026 LTM EBITDA for the combined group stands at A$42.9 million post synergies, an increase from the previously announced A$41.1 million to 30 June 2026.
To date, SEG has successfully raised A$15 million in new equity from existing, new institutional, and retail investors since the acquisition announcement. As of 1 October 2026, the pro-forma net debt to LTM EBITDA, including identified synergies, is 1.84 times. The company outlined a credible pathway to reduce this leverage to approximately 1.2 times within two years, supported by expected free cash flow generation, available New Zealand tax losses, and the realisation of approximately A$5 million in annual synergies. MediaWorks holds NZ$50 million of available tax losses, which are anticipated to assist the group’s rapid deleveraging efforts.
