TV3 sale now down to ‘one party’

The chief executive of television channel Three owner MediaWorks, Michael Anderson, says he hopes to make an announcement on the sale of its TV business within weeks, with talks now down to ‘‘one party’’.

Anderson also announced that he would step down as chief executive at the end of the year.

MediaWorks announced in October that it had engaged UBS as an adviser to help identify a list of potential purchasers for its lossmaking television business.

There has been speculation about the buyer, but Anderson would not confirm yesterday the identity of the company MediaWorks was in negotiations with.

The major decision facing any buyer of MediaWorks’ television business will be whether to retain its Newshub journalism arm. Newshub produces news shows for channel Three, MediaWorks’ radio stations, which are not for sale, and Sky’s free-to-air television channel, Prime.

Anderson said he could not speak on behalf of any new owner of the television business.

‘‘But what I can say is we are very clear about what the strong assets of MediaWorks TV are, and Newshub is one of those, as are our people and our total schedule.’’

The sale had been a very long process and that was partly due to Covid-19, he said.

‘‘But we are in the final stages of our discussions. We are down to one party we are talking with and we are still cautiously optimistic that will work its way through.’’

There would be an announcement well before he left the business, he said.

Anderson said he would leave the company whether or not there was a sale, but he indicated his departure signalled ‘‘a level of optimism’’ that a deal should be done.

Anderson – who joined MediaWorks from Australia in 2016 – said he decided at the start of the year to think about leaving, and he planned to stay in New Zealand after stepping down from the company.

Announcing his departure now would ensure MediaWorks was able to start work on recruiting a successor ‘‘without missing a beat’’, he said.

His successor – who would inherit responsibility for MediaWorks’ radio and outdoor advertising businesses, assuming the TV sale – would need to be resilient and be ready to pivot quickly, he said. ‘‘Covid came out of the blue and I don’t think we should be looking at major disruption as a once in a lifetime situation.’’

MediaWorks chairman Jack Matthews said the company was in a much better position ‘‘both strategically and financially’’ than it was when Anderson was appointed in 2016.

‘‘We will be sorry to see him go, but he will leave behind an exciting business ready for the opportunities ahead,’’ he said.

Last month, MediaWorks said 130 jobs would go in a companywide restructure.