If it was me I'd be doing whatever it took to get Netflix on board, it would instantly solve a large part of the content problem. It wouldn't solve it completely but it would save reinventing the wheel and be sufficient enough to attract a lot of customers.
Netflix has previously said they're disinterested in NZ due to data caps broadband infrastructure. However Telecom could unrate Netflix data and UFB/VDSL are more than enough for HD streaming.
Additionally Coloseum (who bought the premiere league rights) are interested in bidding on the rugby rights and Telecom already has a partnership with Colosseum which they could build on so maybe some potential there?
Whatever the result I just hope it's not a) not redistributed Sky channels or b) a half arsed solution like caspa or quikflix.