Revenue plunge: TVNZ announces job cuts as Covid crisis bites

Author
NZ Herald,
Publish Date
Mon, 15 Jun 2020, 10:03AM
TVNZ CEO Kevin Kenrick. (Photo / Supplied)
TVNZ CEO Kevin Kenrick. (Photo / Supplied)

Revenue plunge: TVNZ announces job cuts as Covid crisis bites

Author
NZ Herald,
Publish Date
Mon, 15 Jun 2020, 10:03AM

Up to 90 jobs at TVNZ are set to go as the state broadcaster battles the Covid crisis.

The company today announced it would consult with its employees relating to proposed changes across the business.

These proposed changes could result in a reduction of 70-90 roles.

Chief executive Kevin Kenrick said the changes were 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 per cent 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."