Newsroom

MediaWorks to sell TV Three

Struggling media company MediaWorks is putting its TV business Three on the sale block, after axing and scaling back shows.

The company which owns television, radio and advertising operations, had reported through its own news organisation Newshub that it would sell its largest asset.

Three included ThreeLife, the Bravo joint venture and all of Newshub's operations.

MediaWorks is owned by Canadian private equity firm Oaktree Capital.

MediaWorks chairman Jack Matthews said it would hold onto its profitable radio network and newly-acquired outdoor advertising company QMS.

"We are in the fortunate position of having two very strong growth platforms in radio and outdoor [advertising] that deliver both revenue and margin growth.

"Our focus now is to accelerate the opportunities that exist for those platforms."

MediaWorks merged with the billboard company QMS earlier this year.

The company would also sell its television headquarters near central Auckland, which it had owned for 30 years, to be leased back to the television business.

Yesterday, The Project presenter Jesse Mulligan said on the show that Three might have to shut down the entire station if the government didn't change its broadcasting policy.

Earlier this week MediaWorks said it was cutting key local TV comedies citing the company's deepening problems and wider troubles in free-to-air television.

MediaWorks confirmed 7 Days - the country's longest-running comedy show - will drop from 32 episodes a year to just 12 in 2020.

New Zealand Today - a new comedy series featuring Guy Williams - will not return to Three next year.

Commercial TV programmes come and go whether they've been fixtures in the schedule or not. Three's long-running weekly comedy Jono And Ben (also NZOA-supported) was canned last year because it was deemed to have run its course.

This article was originally published on RNZ and re-published with permission.

Read more: 

TV Three faces Christmas in the dark

Who can save TV3 now?

Help us create a sustainable future for independent local journalism

As New Zealand moves from crisis to recovery mode the need to support local industry has been brought into sharp relief.

As our journalists work to ask the hard questions about our recovery, we also look to you, our readers for support. Reader donations are critical to what we do. If you can help us, please click the button to ensure we can continue to provide quality independent journalism you can trust.

Comments

Newsroom does not allow comments directly on this website. We invite all readers who wish to discuss a story or leave a comment to visit us on Twitter or Facebook. We also welcome your news tips and feedback via email: contact@newsroom.co.nz. Thank you.

With thanks to our partners