Payouts hints at MediaWorks
MediaWorks bosses are distancing themselves from the heavy financial loss reported yesterday, saying it’s a reflection of past troubles and that things are back on track.
They were referring – although not by name – to former chief executive Mark Weldon’s troubled reign which saw news and current affairs programmes cut and a string of high-profile staff departures including popular broadcasters John Campbell, Hilary Barry, the 3D team and former TV3 head of news Mark Jennings.
Chief executive Michael Anderson described the Weldon era as a perfect storm. Weldon, a former NZX chief executive, left MediaWorks in May 2016.
Accounts posted with the Companies Office yesterday show a loss of $14.85 million for the year to December 2016.
The result included a large provision (many millions) for executive incentives – including Weldon – but Anderson would not discuss who got what. He said that executive incentive scheme was no longer in place.
As a foreign-owned business, MediaWorks must file accounts annually to the Companies Office, but what is made public is discretionary.
Accounts for the 15 months from October 2014 to December 31, 2015 – provided yesterday – showed a $7.04m loss.
But the company’s own comparison said it effectively made a $14.5m loss in 2015 when the figures were condensed into 12 months rather than 15.
‘‘It’s not a great set of results,’’ chief financial officer Ciara McGuigan said of the $14.85m loss.
‘‘[But] it’s dog years away from where we are now ... [it’s] very much a reflection of the past.’’
Anderson said MediaWorks now had a new executive team, strong performing radio stations and a solid television mix.
The most popular shows shown on Three in 2016, among the coveted 25- to 54-year-old age group, were 7 Days, The Block NZ, All Star Family Feud, The Graham Norton Show, and The Bachelor NZ, MediaWorks said.
News and entertainment show The Project – which has attracted some criticism for its lighthearted approach – was singled out with Anderson saying ‘‘it’s working’’.
It was paying for itself and provided a link between the more serious 6pm news bulletin and the 7.30pm move into reality and entertainment shows.
Acknowledging the turbulent media market, Anderson said he was confident with the plans MediaWorks had in place.
There were no live or planned discussions to merge with other media companies but it would be ‘‘very silly to rule anything out’’.