New Zealand sale announcement highlights TV's struggles

New Zealand broadcaster MediaWorks has 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

WELLINGTON, New Zealand -- New Zealand broadcaster MediaWorks has 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 could be left with just a single state-owned broadcaster to report most television news.

Matthews says the network's Auckland headquarters is also for sale, with a lease-back option for potential buyers.

MediaWorks is owned by Los Angeles-based private equity firm Oaktree Capital Management.