The thing that made MediaWorks special has also proven to be its Achilles heel.

From its inception in 1989, TV3, as it was then known, has steadily evolved into the younger, edgier alternative to the more conservative state broadcaster. The idea being that it was easier to shape new habits among the young than break the older generation out of their long-established viewing groove.

In the 1990s and into the early 2000s, the strategy made perfect sense and the station - whose fire sale was announced today - swaggered its way to a valuation of more than $700 million on

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