Updated 3.16pm: John Campbell is leaving Campbell Live - and the company.

MediaWorks is replacing the 10 year-old current affairs show with a new one, co-hosted by two presenters, in the same 7pm slot four nights a week.

The decision was announced by Mediaworks at the moment the Government unveiled its Budget.

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The new show will be launched in the next 6 to 8 weeks.

Media commentator Brian Edwards says the show won't be current affairs as the public know it.

"The current management and the current board of TV3 are very weathered to high entertainment values, so I think they may well be feeling they want something more high entertainment that John Campbell."

Brian Edwards says it's pretty clear that TV3 bosses have decided to ignore the public.

"Campbell Live is rating so well, after the earlier threat to take him off air. So I think it's always a bit dangerous for television companies to ignore the public and what they want."