MediaWorks (TV3, C4) sold to Australian Private Equity Company

This took place a couple of weeks ago. From The NZ Herald:
"Australian private equity firm Ironbridge Capital rushed to make a higher takeover bid for the remainder of MediaWorks after another Australian media owner tried to snap up minority shareholders' stakes."
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What is a Private Equity company?

:At a base level, private equity funds raise money for companies in need of a capital infusion. In that respect, they're similar to investment banks. But while investment banks raise money by selling stocks or bonds on the public markets on behalf of client companies, private equity funds do it by raising cash from wealthy individuals and institutions like pension funds. In turn, they use this money to invest in companies.
In ideal situations, PE funds invest in underperforming companies, turn them around, and sell their stake at a profit some years later, often in the public markets. Sometimes private equity companies engage in "asset stripping," or breaking up a company and selling its assets separately in order to make their profit.
Venture capital and private equity are often used interchangeably. Strictly speaking, venture capital firms focus on funding promising new businesses, where private equity firms focus on generating value from established businesses through restructurings and better management."

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