Edited by: Odleen
WELLINGTON, New Zealand: New Zealand broadcaster MediaWorks on Friday announced it plans to sell its struggling television business, leaving hundreds of workers wondering if they will still have jobs if a buyer can’t be found.
The move also raises the possibility the country of 5 million people could be left with just a single state-owned broadcaster to report most TV news.
The announcement highlights the struggle that traditional TV networks have been facing against the rise in popularity of streaming services such as Netflix.
The company said it wants to focus on expanding its radio and billboard advertising businesses.
According to AP News, MediaWorks chief executive Michael Anderson said that the small market in New Zealand meant it had been hit particularly hard by the global disruption to traditional media. And he said the government over the years had allowed state-owned Television New Zealand to become the nation’s dominant player, which had eroded the ability of rivals like MediaWorks to compete fairly.
-Associated Press News-