Major Media Players Form Joint Venture

Major Media Players Form Joint Venture

MEDIA RELEASE
Tuesday 1 February 2011

MediaWorks has signed a joint venture agreement with Cudo Australia, Microsoft and Nine Entertainment Co. to launch the collaborative buying website “Cudo” in New Zealand.

Modelled on the enormously successful Australian version, cudo.co.nz will offer New Zealanders a daily opportunity to buy a specific product or service at an enormously discounted price – up to 80 per cent less than the recommended retail price.

MediaWorks, as New Zealand’s leading privately owned broadcast and on-line media company, will harness its significant media assets across radio, TV and online to promote the daily offer.

Carly Flynn, former TV3 presenter, and currently breakfast news reader on radio station The Breeze will front the daily deal showcases, featuring that day’s offer.

“This is an important development for MediaWorks’ ecommerce strategy,” said MediaWorks Director Interactive, Siobhan McKenna.

“Cudo Australia has been a very successful model, and we look forward to enabling New Zealand businesses and consumers to take advantage of this very smart ecommerce business model,” she said.

“With the power of TV3 and FOUR, plus our radio brands including The Edge, More FM, The Breeze, The Rock, RadioLIVE and Solid Gold along with our online offering, combined with the strength of ACP Media, we believe the potential of this initiative to be significant. Ecommerce ventures work best when large numbers of consumers are driven to the trading environment. Our media strength allows this to occur, and the Cudo business model provides an ideal template to model this initiative on,” she said.

“However, the biggest winner in all this is New Zealand consumers who will enjoy a daily opportunity to buy excellent products and services at a great price,” said Ms McKenna.

CEO of Cudo Australia, Billy Tucker, said the expansion of the Company into New Zealand is a natural move:

“Our winning formula which has quickly propelled Cudo to the number one spot in Australia is expected to make a big splash in New Zealand. Our JV with MediaWorks puts us in an enviable unique position to provide Cudo businesses with extensive marketing support, in addition to access to a significant audience.”

Consumers wishing to purchase the daily product offer register an expression of interest, and once registration reaches a critical point the deal goes live and vouchers are issued to those who registered interest.

Cudo NZ is currently recruiting a General Manager, and will be launching the service to consumers in March.

ENDS

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