Broadcasting Minister Kris Faafoi isn't ruling out a Government purchase of Three, which was put up for sale on Friday by parent company MediaWorks.
Asked if he has had any discussion about purchasing Mediaworks' TV arm, Faafoi told Newshub Nation: "Any such discussions would be commercially sensitive and not appropriate for me to comment on."
Up to 520 jobs could be on the line if a buyer is not found but Faafoi says the issues facing Three are industry wide and there is no magic bullet.
"We need to see what happens with the sale process. I have consistently said I want to see plurality in our media industry but the industry is facing major challenges across the board. There is no single, simple answer to how we solve those challenges."
Three's assets include ThreeLife, the Bravo joint venture and all of Newshub's operations.
MediaWorks CEO Michael Anderson says the sale of Three has nothing to do with performance of its programming.
"We cannot, as the market stands now, find a way to make TV sustainably profitable and we believe it's best for another owner to be able to do that."
Leading up to yesterday's sale announcements massive cuts were made to Three's 2020 programming lineup, including the cancellation of Married at First Sight and Guy Williams' New Zealand Today.
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The Government is currently developing a new broadcasting strategy, which Faafoi says will be released by the end of the year.
"The strategy will focus on how to strengthen public media to ensure it can continue to provide New Zealand content, tell our stories, share our cultures, and provide scrutiny."