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MediaWorks transfer complete

US-based Oaktree Capital, variously described as a hedge or vulture fund, now has 100% ownership of MediaWorks.

The fund bought into MediaWorks in 2012, taking on some of its debt which it later converted to equity during various rounds of restructuring at the company. Along the way took over the stakes of former lenders including Westpac.

MediaWorks passed through receivership last year and now has a new board and management. Its new programming strategy leans towards lower-cost reality, although that’s not really being paying dividends in ratings. Last month the network was heavily criticised for its decision to axe Campbell Live.

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