It’s official – MediaWorks intends to sell TV arm

By Te Ao - Māori News

MediaWorks has announced its intention to sell the TV arm of its business, 'MediaWorks TV', as well as its Auckland CBD property on Flower St.
The intended sale means Three, ThreeLife including Newshub and local comedy and drama shows could be sold on.

In a press statement this morning, MediaWorks CEO Michael Anderson said,

"The role Three plays in New Zealand society is significant, from Newshub through to investment in local comedy and drama. We believe MediaWorks TV is now in a place where it can be separated from the radio and outdoor business to be operated under a new owner in a more sustainable fashion - and, ultimately, for profit."

MediaWorks will retain its radio network and QMS.

They have also said that they have engaged an advisor to assist them with creating ‘a list of potential purchasers and commence initial discussions' while speaking of 'record ratings and revenue share highs.'

MediaWorks CEO Michael Anderson spoke of the challenges of the TV market, and in April this year had written an open letter to the Public Media Ministerial Advisory Group, warning that the Government ‘may become the only broadcaster in New Zealand’.

The same letter spoke of the necessity of the broadcasting space being ‘competitive to allow independent operators such as MediaWorks, to be sustainable and continue to provide diverse, free and independent information for viewers.'

Broadcasting Minister Kris Fa'afoi has expressed his thoughts on the move.

“Firstly, my thoughts are with the staff at Mediaworks in these uncertain times.

“It is entirely Mediaworks commercial decision to put its TV assets up for sale and I do not want to intrude on the process or comment further in regards to Mediaworks’ decision.”