One hundred and thirty jobs are being cut at TV3-owner MediaWorks.

Late last year it was reported the cash-strapped company's owners - equity fund Oaktree and billboard company QMS - were looking to sell off the business' TV division.

Several potential buyers have reportedly expressed interest including Australian broadcaster Seven West-Media.

As well as its TV arm MediaWorks owns a number of radio stations including The Rock, Morefm and The Edge.

All New Zealand's major media companies have been struggling even before Covid-19, but the lockdown has also taken its toll by slashing advertising budgets.

MediaWorks was among several media companies - including NZME and Nine's Stuff - that asked staff to take temporary pay cuts, while Bauer Media, which published iconic New Zealand magazines including the Listener and North & South, abruptly closed its doors in the first week of the lockdown in early April.

The German company had already indicated it was looking to pull out of the New Zealand market but said the Government's decision to deem magazines non-essential during alert level 4 was the final straw.