File photo. Photo: RNZ / Dan Cook
Sky TV is in a trading halt, after receiving a non-binding expression of interest to be bought by a third party.
The company on Friday said it had received "a highly conditional" preliminary expression of interest from a third party to acquire all of Sky's shares and discussions were in very early stages.
"As such, there can be no certainty that any transaction will eventuate," the company said in a statement to the NZX.
The initial offer has seen the company pause its share buyback programme that began in March this year.
Sky TV said it would not comment further at this stage.
Forsyth Barr senior equities analyst Aaron Ibbotson said while information about the offer was scant, Sky TV's engagement with the potential buyer suggested the company was considering it.
"At this stage we have no information about the potential acquirer but note that Sky TV could be an attractive acquisition both for an industry buyer and for a financial/private equity buyer."
Ibbotson said the company could also be of interest to a strategic buyer, either in Australasia or further afield.
"Sky TV has a unique position in the New Zealand pay-TV market and a high quality streaming business in Sky Sport Now that could be of interest for global players.
"The New Zealand market in general is a good media test bed for global companies operating in the English-speaking world."