Under CanWest control, TV3 relaunched in March 1998 with a new brand and a 3 News bulletin hosted by John Campbell and Carol Hirschfeld.

MediaWorks also intends to sell its Flower Street head office and studios in Auckland's Eden Terrace.

[15] On 25 May 2020, MediaWorks CEO Michael Anderson announced that the company would be eliminating 130 jobs in its sales, out-of-home, and radio divisions as a result of the economic effects of the COVID-19 pandemic in New Zealand.

[16][17][18] On 7 September 2020, MediaWorks confirmed that it would be selling its entire television arm including Three, Bravo, The Edge TV, The Breeze TV, streaming service ThreeNow, and current affairs service Newshub to Discovery, Inc.[3][4][19][14] The acquisition of MediaWorks was finalised on 1 December 2020, with the subsidiary being rebranded as Discovery NZ Limited.

[5] On 27 April 2021, Discovery Inc. confirmed that it would be restructuring its business operations in Australia and New Zealand with the goal of incorporating Three, Bravo and Newshub into a single trans-Tasman organisation.

Earlier in the month, Discovery announced that this new trans-Tasman organisation would be headed by two general managers, the Sydney–based Rebecca Kent and Glen Kyne in Auckland.

[20] On 13 May 2021, Newshub closed its Dunedin office as part of a restructuring of Discovery's business operations in Australia and New Zealand.

[23] However, shortly before launch the name Gusto was scrapped and changed to "eden"[24] in order to avoid confusion with the former TVNZ OnDemand food channel of the same name.

A second channel called Rush will host "high energy shows" within the survival and adventure genres including Wheeler Dealers, Man vs. Wild, Street Outlaws and Treehouse Masters.

Discovery also confirmed that its working on several local productions including MasterChef New Zealand, The Masked Singer NZ, Dancing with the Stars, Match Fit, Patrick Gower: On series, David Lomas Investigates, and 7 Days.

[28] On 8 April 2022, Discovery, Inc. acquired WarnerMedia from AT&T, with the two companies being merged into a new entity called Warner Bros.

Discovery NZ's channel Three would be the free-to-air broadcaster for the delayed Rugby World Cup 2021, held in New Zealand from 8 October to 12 November 2022.

Discovery Asia Pacific cited a significant decline in TV ad revenues as the key motivator for the decision.

[34] Initial reactions of shock have been compounded by concerns over the effects this could have on media concentration in New Zealand, leaving the country with only two television news broadcasters, the state-owned 1News and Whakaata Māori.

Television advertising was sold by the MediaWorks offices in Auckland, Wellington, Christchurch, Melbourne, Sydney and Hamilton.