Winston Peters says 'good riddance' to Three after sale announcement

Deputy Prime Minister Winston Peters has celebrated the news Three is for sale at the New Zealand First Convention in Christchurch.

Peters opened the event with a speech that took aim at the National Party, but also took a dig at the media, which Peters said has written the party off too early in the past, NZME reports.

"It was announced yesterday certain sections of them are going, and are they shocked?" he said, to a mixed response from the crowd.

"Now I'm sorry for some of them because they deserve to stay, but for some of them: good riddance."

National Party MP Nikki Kaye harshly criticised Peters, saying he was back to his old habits.

"It is disappointing that he could be so insensitive to attack people at MediaWorks. There are 520 people who are dealing with uncertainty around their jobs they deserve better from the DPM."

MediaWorks on Friday announced the television arm of the business, which owns Newshub and TV channels Three, Bravo and ThreeLife, is up for sale.

"We cannot, as the market stands now, find a way to make TV sustainably profitable," CEO Michael Anderson said. "We believe it's best for another owner to be able to do that."

The Flower St headquarters are also for sale. 

There's only speculation about who the buyer could be, with names like Sky, or Australian network Channel 7 thrown around.

Broadcasting Minister Kris Faafoi hasn't ruled out the Government purchasing the network. He told Newshub Nation he can't comment on any discussions as they would be commercially sensitive.

Up to 520 jobs could be on the line as part of the sale process. There were reports on Friday Three could be shut down by Christmas if a buyer isn't found, but Anderson says that's not the case.

"There is no deadline on the process because the process itself, once you engage with potential buyers, will have a life of its own.

"So there isn't a fixed time on the process."