Sweetheart Deal? You bet

Remember, back in 2011, Labour and their flunkies were trying to build a conspiracy around the approval of a loan to Mediaworks for radio spectrum licences?

Labour at the time opposed the loan, preferring instead perhaps to send Mediaworks to the wall so that the money could be poured into state radio:

“The National Government has already shown that it is more interested in supporting commercial organisations than public broadcasters with its bailout of Mediaworks with a $43 million low interest deferred payment for its radio spectrum licence.

“Radio New Zealand plays an important role in New Zealand in providing an alternative voice to the commercial broadcasters out there.

So how did that loan go for the government?

MediaWorks’ subsidiary RadioWorks has repaid the $32.28 million outstanding on a “loan” signed off by former Communications Minister Steven Joyce that allowed the media group to defer payments to the Crown for radio spectrum licences.

The balance of $32.28m of principal plus interest was paid on Wednesday – almost two years ahead of schedule, current minister Amy Adams said in a statement.

MediaWorks had originally owed $43.3m plus GST and had previously made two payments of $11.9m. The Crown charged the private equity-owned company interest of 11.2 percent.

Labour described the deal at the time as a sweetheart deal…it sure was…for the taxpayer…we got 11.2% interest and the loan paid back two years early…compare that with Labour’s very own sweetheart deal when they exported a billion dollars to Australian private enterprise when they bought back Kiwirail.

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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.