Sky New Zealand acquires TV channel Three for NZ$1 in media shakeup
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
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