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# Business Fail of the Day
- URL: https://goodoil.news/business-fail-of-the-day/
- Published: 2023-10-21T17:30:00.000Z
- Updated: 2023-10-21T06:48:57.000Z
- Author: Good Oil Staff
- Tags: Business, Media, NZ, #wp, #wp-post, #Import 2024-07-16 22:07

Oh dear. [MediaWorks](https://www.mediaworks.co.nz/home/our-brands.html?ref=goodoil.news)’ annual report, audited by PricewaterhouseCoopers, is not rosy.

> There had been concerns about [delays in \[MediaWorks\] providing its financial results to the Companies Office](https://www.stuff.co.nz/business/300986168/mediaworks-to-file-overdue-financial-results-this-week?ref=goodoil.news), which it must do as an overseas company. It missed two deadlines and directors faced a fine.  
>  
> The annual report shows that the MediaWorks group suffered a loss of $125.9 million in the year to December 31, 2022, compared to a $4.9m loss the year before.  
>  
> Its assets fell from $264.7m to $140.6m. It had negative working capital of $19.4m, from negative $2.2m a year earlier and cash balances of $12.7m, from $13.7m in 2021.  
>  
> *[Stuff](https://www.stuff.co.nz/business/300993479/material-uncertainty-about-future-of-mediaworks-report-reveals?ref=goodoil.news)*

> MediaWorks made a net loss of nearly $126 million last calendar year, with liabilities exceeding assets by $19.4m.  
>  
> The auditor said there was “significant doubt” about whether MediaWorks can continue to operate beyond June 2025, given its bank financing arrangements.  
>  
> *[RNZ](https://www.rnz.co.nz/news/business/500641/mediaworks-faces-significant-doubt-about-operating-beyond-2025-pwc?ref=goodoil.news)*

Cranmer has provided the full PwC report:

Discuss it on the *BFD.*

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