WELLINGTON: Sky New Zealand has announced the acquisition of television network Three for a symbolic NZ$1, marking a major shift in the country’s media landscape. The deal, set to finalise on August 1, comes as the industry faces ongoing financial pressures.
Three, New Zealand’s first privately owned free-to-air channel, is currently owned by Warner Bros. Discovery. Michael Brooks, Discovery’s Australia and New Zealand managing director, confirmed the sale, stating the channel was no longer “commercially viable” as a standalone business.
“The continued challenges faced by the New Zealand media industry are well documented,“ Brooks said. He described the sale as a “fantastic outcome” following a major restructuring in 2024.
Sky New Zealand CEO Sophie Moloney called the purchase a “compelling opportunity” that aligns with the company’s goal to become New Zealand’s “most engaging and essential media company”. The deal excludes any connection to the UK-based Sky Group under Comcast.
Three had already undergone significant downsizing, cutting 300 jobs and discontinuing its flagship 6 pm news bulletin, Newshub, in July 2024. The news segment was later outsourced to digital platform Stuff. – AFP
