SKY BUYS THREE – WHAT’S THE REAL STORY? | WATCH

PHOTO: The $1 sale that shows who’s really running the show in Aotearoa. FILE

In a move that has stunned media insiders and everyday Kiwis alike, Sky TV has just bought Three and its entire broadcast brand suite from Warner Bros Discovery for $1.

Yes. One. Single. Dollar.

But what lies beneath this jaw-dropping transaction is far more important – and far more disturbing: New Zealand’s media is increasingly being swallowed by overseas companies, leaving fewer truly local voices in control of what we watch, hear, and read.

Sky announced via the NZX on Monday that it would be taking over Discovery NZ, the arm of US media giant Warner Bros Discovery that owns Three, Bravo, Eden, Rush, HGTV, and the streaming service ThreeNow.

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The full deal includes:

✅ All linear channels
✅ ThreeNow streaming platform
✅ A multi-year content supply agreement with Warner Bros Discovery

🚫 It does not include:
❌ HBO Max
❌ Pay TV channels like Discovery Turbo
❌ Warner Bros International Television NZ (WBITVP)

The deal is expected to be finalised on August 1, with no cash or debt exchanged, and comes after Discovery struggled to keep Three commercially viable in the NZ market.

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💼 WHY $1? AND WHAT SKY GETS

This symbolic price tag reflects just how brutal the New Zealand media market has become. According to Warner Bros Discovery’s ANZ boss Michael Brooks, Three was no longer viable as a standalone asset.

For Sky, however, it’s a calculated move to diversify revenue, grow digital advertising, and claw back relevance with younger audiences through the high-reach streaming platform ThreeNow.

Sky expects the deal to:

• 📈 Add approx $95 million to revenue

• 📺 Grow Sky’s total TV ad share to 35%

• 💻 Increase digital ad share to 24%

• 💰 Create long-term cost savings and drive EBITDA growth from 2028

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🧮 WHO REALLY OWNS OUR MEDIA NOW?

Here’s the cold, hard truth: most major NZ media is either foreign-owned or majority-controlled by offshore shareholders.

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📡 THE BIGGEST SHIFT: LOCAL BRANDS, GLOBAL BOSSES

Let’s be clear: the brands look local — but the decisions are increasingly made offshore. Even after Sky’s acquisition of Three, a large chunk of Sky’s own shareholding is foreign.

Meanwhile:

• NZME’s editorial direction is shaped by shareholders, including offshore entities.

• Stuff’s independence has been chipped away now that Trade Me (owned by UK’s Apax Partners) controls 50% of Stuff Digital.

• MediaWorks Radio – home to The Edge, The Rock, More FM – is now 100% Australian-owned.

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🧠 WHY THIS MATTERS

🔍 Less diversity of thought: Fewer owners = fewer perspectives.
📉 Commercial control: Decisions are made for shareholder return, not public interest.
🇳🇿 Loss of sovereignty: Our media voice is no longer uniquely Kiwi.

Sky CEO Sophie Moloney says the acquisition will help Sky become “Aotearoa New Zealand’s most engaging and essential media company.” But who is really pulling the strings when nearly half of Sky’s shares are held overseas?

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🛎️ THE LAST LOCALS STANDING?

The only big players still flying the fully Kiwi flag:

• TVNZ – 100% government-owned

• Independent publishers like The Spinoff, Crux, Newsroom – doing excellent journalism, but with small teams and limited reach

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🚨 WAKE-UP CALL: THE $1 DEAL THAT COSTS US MORE THAN WE THINK

This isn’t just a business transaction. It’s a canary in the coal mine. We’re watching as ownership of Aotearoa’s stories, screens, and soundwaves slips overseas, one boardroom deal at a time.

If you think this doesn’t affect you – remember: media shapes minds, influences elections, sets agendas, and tells us who we are.

We just sold a whole network for $1.

What else are we giving away?