MediaWorks, the company that owns Newshub, has announced it intends to sell its TV business.
TV channel Three is the major asset of the MediaWorks TV business, although it also includes ThreeLife, the Bravo joint venture and all of Newshub's operations.
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MediaWorks will retain its profitable radio network and newly-acquired outdoor advertising company QMS.
As part of the sale, Three's headquarters in Eden Terrace near central Auckland will also be put on the market, for lease back to the TV business. The Flower St address has been owned by the station since it began 30 years ago.
MediaWorks CEO Michael Anderson said that although the performance of the TV business had been good in terms of audience and revenue share, the TV market was extremely challenging.
Potential purchasers of the business could bring synergies Mediaworks cannot provide in order to push the business into profitability.
"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 has engaged an advisor to identify and engage purchasers.
MediaWorks chairman Jack Matthews said the company has had to face commercial realities.
"The ongoing success of our radio business and recent merger with QMS demonstrates that MediaWorks has a very bright future.
"We are in the fortunate position of having two very strong growth platforms in Radio and Outdoor that deliver both revenue and margin growth.
"Our focus now is to accelerate the opportunities that exist for those platforms."