Sports Entertainment Group (ASX: SEG) has agreed to acquire 100% of New Zealand audio business MediaWorks for an enterprise value of NZ$130 million, equivalent to about A$107.4m, on a cash and debt-free basis. The deal would create a trans-Tasman audio, digital and entertainment group reaching more than 5 million weekly listeners, with MediaWorks holding about 59% audience share among New Zealand listeners aged 25 to 54 and its rova platform attracting more than 540,000 monthly active users. Completion is targeted for 1 October 2026 subject to customary conditions including New Zealand Overseas Investment Office approval, with SEG funding the purchase through existing cash, debt, and an equity raising. The acquisition price represents about 5.1 times MediaWorks’ 2026 calendar-year budgeted EBITDA of NZ$25.4m, reducing to about 4.2 times after identified synergies. The acquisition and equity raising have prompted SEG to terminate its on-market share buy-back program with immediate effect.