New Zealand's Biggest Commercial TV Channel On The Block
Sumaira FH Published October 18, 2019 | 08:30 AM
Wellington, (UrduPoint / Pakistan Point News - 18th Oct, 2019 ) :New Zealand's MediaWorks put the country's largest commercial television station up for sale on Friday after sustaining losses for years in an increasingly fragmented media landscape.
The media conglomerate said it intended to sell its Auckland-based Three tv channel, although reports said it could simply be shut if a buyer was not found by year's end.
"We are in a commercial environment and have to face commercial realities," chairman Jack Matthews said.
"The market that free-to-air television operates in is tough and has been exacerbated this year." He said MediaWorks intended to concentrate on its radio network and QMS outdoor advertising business, which specialises in billboards.
MediaWorks posted a NZ$5.5 million ($3.5 million) loss in the 2018 financial year and the company hopes offloading Three would help turn around its fortunes.
Three has felt the squeeze as Google and Facebook have soaked up digital advertising revenues and viewers have turned to streaming services such as Netflix.
In addition, its main free-to-air competitor is state-owned TVNZ, which MediaWorks executives say creates an uneven playing field.
The company did not confirm rumours of a possible closure if a buyer is not found but chief executive Michael Anderson raised the prospect in August of the channel being shut.
He said losing the station would be a blow for news diversity in New Zealand and create an environment where the government was the country's only major free-to-air broadcaster.
"Certainly the government (should) never find itself in a situation where (it has) a monopoly on broadcast news," he told pop culture website The Spinoff.
"Just for the perceived conflict... it doesn't work for democracy."
Related Topics
Recent Stories
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
Putin says plans to visit China in May
More Stories From Miscellaneous
-
PDMA predicts gusty wind, rain with thunder, hails
2 days ago -
Iranian president Raisi given guard of honour at PM House
4 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
4 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
4 days ago -
Cattle farming vital to alleviate poverty in rural areas
4 days ago -
Pakistan: A land of tourism, archeological wonders
5 days ago
-
Transforming education sector: from job hunters to job creators
7 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
11 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
11 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
11 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
14 days ago -
Radio Bahawalpur to broadcast Eid programs
17 days ago