The possibility of New Zealand losing daily current affairs television is dismaying broadcasting pundits.

MediaWorks bosses have confirmed Campbell Live is under review, with speculation it could be replaced with a nightly comedy show.

Media commentator Gavin Ellis believes broadcasters have a moral obligation to hold those in power to account, through current affairs programming.

"If they won't voluntarily meet civic responsibility then maybe we need to look at some form of regulation to require them to provide good, competent, professional news and current affairs."

Ellis understands demand for entertainment content is on the rise in this fast-moving internet age.

"There is an equal appetite, I would say, for serious current affairs straight after the news. I really do lament the possibility of us losing that."

Gavin Ellis describes the current set-up of two main commercial networks, with no current affairs obligations, as 'laissez-faire' and questions the ability of broadcasters to produce quality current affairs without any form of regulation.