Mediaworks announces SKY TV's bid to buy it fallen through in email to staff

MediaWorks' CEO made the announcement to staff on Wednesday.
MediaWorks' CEO made the announcement to staff on Wednesday. Photo credit: Image - Supplied

Sky TV's bid to buy media network MediaWorks has fallen through and "won't be progressing any further". 

In an email sent to staff, which Newshub has seen, MediaWorks CEO Cam Wallace announced that "discussions with Sky TV have come to an end". 

"I'd like to thank everyone who's been involved in the process for their patience as we worked our way through it,

"I know there have been many questions so I'd also like to acknowledge that this has been unsettling for some of you," Wallace added. 

It comes after the television network confirmed speculation earlier this month that it was looking at buying the radio and outdoor advertising firm. 

Sky TV said it was having "exclusive" talks about acquiring the remnants of MediaWorks from US private equity firm Oaktree and Australian media company Quadrant.

MediaWorks sold its television assets TV3 and Bravo to global broadcaster Discovery in 2020, leaving it with radio networks including, The Edge, The Rock and Today FM.