The Finance Minister says there is no plan to "save" major media outlets in their current form. 

Newshub staff have been summoned to a meeting today about an "important business update", after learning last week that the news service will close with the loss of 300 jobs. 

TVNZ has also announced significant cuts including the end of its Fair Go and Sunday programmes. 

Nicola Willis told Mike Hosking that while Media Minister Melissa Lee is looking into the issue, she isn't working on a salvation plan. 

She says the Government isn't going to come in on a white horse and rescue the media industry. 

Willis says the challenges facing the media industry go right to the digitisation of the way people are receiving news. 

LISTEN ABOVE 

• Media Minister "has no idea what she's doing" regarding closures and cuts - Former TVNZ boss
• Minister Melissa Lee seeks to provide support for media sector following TVNZ, Newshub cuts
• Barry Soper: Can Melissa Lee really save the media?