Nearly 30 years after New Zealand's first private TV company was launched, its money-losing TV arm has gone on the block.
The decision comes just days after the company announced it would axe or scale back back some of its popular shows like New Zealand Today and 7 Days.
MediaWorks, now owned by US private equity firm Oaktree, says it wants to get out of the increasingly tough free-to-air-TV market and focus on its profitable radio and advertising businesses.
Madison Reidy has the reaction.
