Television New Zealand said on Tuesday the 2008 Beijing Olympics may have been the last that New Zealand people can watch without paying for a subscription in New Zealand.
Sky Television has secured the New Zealand broadcasting rights for the 2010 Winter Olympics in Vancouver and the 2012 Summer Games in London.
TVNZ Chief Executive Rick Ellis said Sky TV securing the rights may result in a large number of households being locked out of viewing the event in London.
Ellis said New Zealand does not have any regulatory framework to protect against universal access to free sport, which means the highest bidder for such events wins.
Sky TV declined to comment on speculation over its planned Olympic coverage.
However, it has said it will offer 24-hour-a-day coverage during the Games, on its subscription channels and on Prime, which is free to watch.
Despite record viewing numbers for the Olympics, TVNZ said it will make a multimillion-dollar loss on its Games coverage. The state-owned broadcaster said 96 percent of the population tuned into some of its Olympics programming.