It has been announced today that TVNZ has proposed a change in business structure that could result in 70-90 redundancies.
Chief executive Kevin Kenrick says the changes are necessary to protect the financial sustainability of the business, which continues to be influenced by COVID-19’s impact on the advertising market.
“TVNZ’s revenue dropped 30 percent during the nationwide lockdown and we expect revenue momentum to recover gradually over the next 18 months,” said Kenrick.
“TVNZ has already made substantial savings in areas of discretionary spending, executive remuneration, capital investment projects, and deferred content productions. These actions have enabled TVNZ to offset revenue losses for this quarter, and we now need to resize our business to safeguard the future of TVNZ.”
“We expect to confirm the new business structure by early July and are focused on supporting our people as we move through this challenging time.”