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

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

The Sun5 days ago
WELLINGTON: Sky New Zealand has announced the acquisition of television network Three for a symbolic NZ$1, marking a major shift in the country's media landscape. The deal, set to finalise on August 1, comes as the industry faces ongoing financial pressures.
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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Vietnam's passport ranking rises to 84th in the world, unlocking new opportunities for global travel and integration
Vietnam's passport ranking rises to 84th in the world, unlocking new opportunities for global travel and integration

The Star

time3 hours ago

  • The Star

Vietnam's passport ranking rises to 84th in the world, unlocking new opportunities for global travel and integration

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Humanoid robots embodiment of China's AI ambitions
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Humanoid robots embodiment of China's AI ambitions

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Trump, EU chief to meet Sunday in push for trade deal
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  • Free Malaysia Today

Trump, EU chief to meet Sunday in push for trade deal

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