TVNZ cuts jobs in fresh blow to New Zealand media

WELLINGTON - New Zealand public broadcaster TVNZ said it plans to cut nearly 10 percent of its staff, a week after its free-to-air TV news rival said it was closing altogether.

The double blow led to calls for government action to protect the media industry, serving a population of just over five million.

TVNZ said it planned to axe 68 jobs from a staff of around 700 after posting an operating loss last week of NZ$4.6-million for the second half of 2023.

The broadcaster did not identify the jobs to be cut but said a final structure should be in place by early April after "consultations" with employees.

Tough economic conditions and structural challenges within the media sector hurt revenue, said TVNZ chief executive Jodi O'Donnell.

"We need to reduce the size of our team to bring our costs more in line with our revenue," she said in a statement.

"There are no easy answers," O'Donnell warned. "Media organisations locally and globally are grappling with the same issues."

Media outlets around the world are chasing audiences that have migrated in big numbers to major digital and social media players as their main source of news.

Last week, US entertainment giant Warner Bros Discovery said it planned to shutter New Zealand outlet Newshub in June, with a reported loss of about 300 jobs.

The government said at the time it would not intervene to save Newshub.

Newshub's demise would leave TVNZ with a virtual monopoly on the free-to-air news television market.