DecisionConsent Granted
Section 12(b) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date29 July 2019

An overseas investment in significant business assets and sensitive land, being MediaWorks Investments Limited’s acquisition of 100% of the shares in QMS NZ Limited, QMS Sport NZ Limited and QMS NZ Holding Limited (together, the QMS Companies), and QMS Media Limited’s subscription of up to 40% of the shares in MediaWorks Investments Limited and where the value of the assets of the QMS Companies and MediaWorks Investments Limited and their subsidiaries are greater than $100 million.

The transaction includes QMS Media Limited and MediaWorks Investments Limited acquiring interests in a number of parcels of sensitive land, including:

  • a leasehold interest in 4.4441 hectares of land at 200 Horokiwi Road, Horokiwi, Wellington;
  • a freehold interest 0.0268 hectares of land at 52A New North Road, Auckland; and
  • a number of pieces of residential land used for billboard advertising and radio telecommunications equipment.
Asset ValueA total not exceeding NZ$516 million

MediaWorks Investments Limited
United States Public (79.17%)
China Public (5.27%)
Australian Public (4.14%)
South Korean Public (3.35%)
United Kingdom Public (2.45%)
Various overseas persons (5.59%)

QMS Media Limited
Australian Public (75.56%)
Various overseas persons (12.13%)
Canadian Public (6.46%)
New Zealand Public (5.85%)


MediaWorks Investments Limited (MediaWorks) and QMS Media Limited (QMS) seek consent to merge their New Zealand businesses. MediaWorks is a New Zealand broadcaster operating through television, radio and digital platforms and is ultimately owned by Tokyo Opportunities B.V., itself owned by investment funds managed by Oaktree Capital Management L.P. QMS is an outdoor media company, operating in Australia and New Zealand, with a network of digital and static billboards, transit media, and other platforms, which is a widely held ASX-listed company.

It is expected that the merger between MediaWorks and QMS will harness the advantages of the larger size and diversified product and revenue base of the merged business. This should provide opportunities for growth, and enhance the merged business’ ability to act as a multi-platform advertising company.

The previous investments undertaken by QMS and MediaWorks show that they have a track record of investments bringing benefit to New Zealand. The merger between MediaWorks and QMS’ New Zealand businesses is also expected to increase advertising offerings in New Zealand, and enhance the on-going viability of the acquisition of MediaWorks by Tokyo Opportunities B.V. which occurred in 2013.

The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment.

More information (QMS)Fiona Bennett
Chapman Tripp 
PO Box 2510
More information (MediaWorks)Mark Forman and Igor Drinkovic
PO Box 3798