Prime, the free-to-air network that offered television personality Paul Holmes a $3 million salary, has lost $76 million since its creation in 1998.
Details of Prime's hardship were made public yesterday in Sky Television's regulatory application to buy the money-losing station from Prime Australia.
The $30 million deal is seeking
Commerce Commission clearance.
Sky's chief executive, John Fellet, said yesterday that Prime "has never made any money".
Under Sky's control, Prime would be a true competitor to TVNZ and CanWest Media Works, Sky said.
"Prime New Zealand would be financially stronger, better able to compete with TVNZ and CanWest," the document said.