It was a skin-of-your-teeth operation from the start, and Newshub's 35 year old life looks to be ending with multi-million dollar losses presided over by off-shore owners

Those passionate about news and Newshub hope a white knight will appear on the horizon, but more realistic commentators say that horse has bolted

In the early days of TV3 there wasn't enough money for a sound proof booth to record voice-overs so reporters would wrap themselves in a curtain.

Former reporter turned weather presenter Rose Daly says budgets were tight at the new tv channel compared with the "buckets of money" at the state broadcaster.

But it made people creative, "hungry, fired up" with a passion that was crucial to its survival, Daly says of the trailblazing TV3, the first broadcaster to introduce "Kia ora" to the evening news.

She also remembers, presenting the weather heavily pregnant, the day her producers decided she needed a "novelty pointer" to the weather map and encouraged viewers to send them in. "We started with a celery stick."

Of the competition with TV1 Daly says, "We took it to them. We did really well." And it made both channels' news programmes better.

One reason why it can't be allowed to fail, she says.

"It's just ridiculous to think that all 35 years of really hard work and innovative stuff and culturally changing stuff, I can't believe that it's just going to go," she tells The Detail.

On Wednesday morning, the American owner's local bosses called staff to an emergency meeting to tell them it was axing all Newshub's news operations and closing its newsroom on June 30 and 300 jobs would go.

WBD also owns eden, Rush, HGTV and Bravo and says it will no longer commission content where the company funds the full cost. However it will work with government funders and other partners to co-fund local content which will continue to run on local platforms.

It says there was no single trigger for the newsroom closure but a combination of negative events locally and internationally, and the economic bounce back had not materialised as expected.

Like Rose Daly, others suggest Newshub could find a new buyer as it has in the past, but former long time TV3 news boss now co-founder of newsroom, Mark Jennings, says no one can rescue it except the current owner Warner Bros Discovery.

"Who is going to come in and take over a company that is losing $30 million a year with no real clear pathway out of that," he says.

"You would be very brave to come in and buy a lossmaker."…

Go to this episode on rnz.co.nz for more details