Sports Entertainment Group is selling the company’s New Zealand digital and audio assets to TAB NZ for $3.7 million, taking a small step in paying off its debt of $28m.
TAB NZ will acquire the company’s digital and audio businesses, including the SENZ brand, app and website, alongside its network of 28 radio stations. SEN will retain its New Zealand sports assets, which include the Otago Nuggets and Southern Hoiho basketball teams.
The Age reports the company has previously identified a need for capital and avenues to reduce its large debt ahead of a looming deadline in August next year, with a $9.3 million loss in its recent financial filings raising concerns for chief executive, also Footy Classified host, Craig Hutchison.
“Six years ago, we were a series of relationships. Now we’re a series of assets and relationships. That’s been a build and a transformation,” he recently noted.
“Would we like to get our debt down a bit? Yes, we’ve been public about that being part of our strategic agenda.”
SEN produces a range of sports programmes including Off the Bench, Women’s Footy, Footy WA, Footy SA, The Oval Office, The Bowls Show, Winnerx and owns production services Rainmaker plus Bravo management reresenting Scott Cam, Shelley Craft, Shaynna Blaze, Jamie Durie, Shane Crawford, Steve Price and more.