TVNZ's Financial Results

TVNZ released its budget results:

Fewer viewers blamed for TVNZ loss
By MICHAEL FIELD - The Dominion Post | Tuesday, 11 September 2007

For the first time in its history, Television New Zealand will not be paying a dividend to taxpayers, after posting a $4.5 million loss - blaming shrinking audiences.

Chief executive Rick Ellis conceded the year to June had been a "somewhat monumental year", and while TVNZ forecast a profit next year, warned "we will not return to revenue levels any time soon".

TVNZ's financial results showed that one staff member - believed to be Mr Ellis - is paid between $670,000 and $680,000 a year. Five employees were paid more than $300,000 a year, down from nine last year.

Mr Ellis said TVNZ had made 125 redundancies in the financial year, including 45 people in management or leadership roles. Restructuring had cost $11.1 million, but had delivered future savings of about $17 million a year.

Advertising had softened after four big years, and in the latest financial year had fallen 6.5 per cent because of a drop in audience share."

Read more...

"Maharey defends TVNZ loss
NZPA | Tuesday, 11 September 2007:

Broadcasting Minister Steve Maharey took the flak for TVNZ's $4.5 million annual loss in Parliament today.

Yesterday the state-owned broadcaster released its financial results for the year to June 30, showing it had made an operating profit of $9.3 million on revenue of $375.2 million.

However a major restructure that saw the company shed about 150 staff - many receiving redundancy pay outs - cost the broadcaster $11.1 million, resulting in a $4.5 million loss after tax.

Advertising revenues for the year were down 6.5 percent to $312.8 million."

Read more...