WELLINGTON, New Zealand (AP) — New Zealand broadcaster MediaWorks has announced it plans to sell its struggling television business, leaving hundreds of workers wondering if they will still have jobs if a buyer can't be found.

The move also raises the possibility the country could be left with just a single state-owned broadcaster to report most television news.

The announcement Friday highlights the struggle that traditional television networks have been facing against the rise in popularity of streaming services such as Netflix.

MediaWorks Chairman Jack Matthews says the company wants to expand radio and billboard businesses while recognizing that free-to-air television "operates in a challenging environment."

Matthews says the network's Auckland headquarters is also for sale, with a lease-back option for potential buyers.

MediaWorks is owned by Los Angeles-based private equity firm Oaktree Capital Management.