Sky Network Television has pulled the plug on potential plans to buy MediaWorks.
Photo: Supplied / Richard Parsonson
In a statement issued to the Australian Stock Exchange and the NZX the company said had "ceased discussions to evaluate" the possible acquisition of radio and outdoor advertising business.
The company only confirmed speculation that it was looking to buy MediaWorks last week.
The move sent its shareprice tumbling 7 percent and left investment analysts scratching their heads as to what value the network television company saw in the business.
Sky said it was exploring options to return value to shareholders and "accelerate organic investment in the business to drive further growth".
"Sky remains committed to restoring regular dividend payments, having returned to revenue growth and achieving sustainable levels of free cash flow."
It said it would provide an update on its capital management plan no later than 25 August.