Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Hobbs destroys TVNZ

Katherine Rich National Broadcasting Spokesperson

18 September 2001

Hobbs destroys TVNZ

Today's announcement that TVNZ's net profit and dividend are down 30% on last year confirms National's concerns about the deterioration of TVNZ's financial position, National's Broadcasting spokesperson Katherine Rich said today.

"When Labour promised to reduce TVNZ's dividend obligations no one thought the dividend cut would be because of lower profits. A once vibrant business owned by all New Zealanders is slowly grinding to a halt.

"Today's figures show the last six months has been a total disaster for TVNZ with it making only a $5.5 million net profit compared to a $24.5 million net profit in the six months to December 2000.

"Even more concerning is the prognosis for next year and the trend over time. It's likely that the situation is going to get worse as advertising markets continue to be soft, programming costs remain high and the company prepares for the Charter with no new funding.

"Broadcasting Minister Marian Hobbs will try and distance herself from the demise of the TVNZ business but the reality is her fingerprints are all over this mess.

"She failed to win any new funding for the Charter, she spooked advertisers by talking about schedule changes, and her suggested advertising regulation did nothing to preserve the faith of advertisers in television.

"This Government's lack of commercial nous is becoming obvious for all to see with the shocking state it has allowed Air New Zealand to get into. TVNZ's future is now uncertain and that's just another example of how inept this Government is when it comes to doing business.

"Marian Hobbs has overseen one of the largest drops in SOE shareholder value New Zealand's seen. She must explain to all New Zealanders, the shareholders of TVNZ, why," Mrs Rich said.

Ends


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Veronika Meduna: The Kaikoura Rebuild

A Scoop Foundation Investigation

Friday will be a big day for people north of Kaikōura – and for hundreds of construction workers who are racing to reopen State Highway 1 in time for the holiday season.

By the afternoon, the South Island’s main transport corridor will be open to traffic again, more than a year after a magnitude 7.8 earthquake mangled bridges and tunnels, twisted rail tracks and buried sections of the road under massive landslides. More>>

 

BPS HYEFU WYSIWYG: Labour's Budget Plans, Families Package

“Today we are announcing the full details of the Government’s Families Package. This is paid for by rejecting National’s tax cuts and instead targeting spending at those who need it most. It will lift 88,000 children out of poverty by 2021." More>>

ALSO:

Gordon Campbell: On Defence Spending, Alabama, And Dolly Parton

The spending lavished on Defence projects to meet the risks that could maybe, possibly, theoretically face New Zealand in future is breath-taking, given how successive governments have been reluctant to spend even a fraction of those amounts on the nation’s actual social needs. More>>

ALSO:

Members' Bills: End Of Life Choice Bill Passes First Reading

The End of Life Choice Bill in the name of David Seymour has been sent to a select committee for consideration by 76 votes to 44. It is the third time Parliament has voted on the issue in recent decades and the first time such a Bill has made it over the first hurdle. More>>

ALSO:

State Sector: MPI Survives Defrag Of Portfolios

The Ministry for Primary Industries will not be split under the new government, but will instead serve as an overarching body for four portfolio-based entities focused on fisheries, forestry, biosecurity and food safety. More>>

ALSO:

Gordon Campbell: On Vulnerable Kids, RNZ Funding, And Poppy

The decision to remove the word ‘vulnerable’ from the Ministry for Vulnerable Children could well mark a whole shift in approach to the care of children in need... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages