TVNZ eyes ‘bigger bets’ as revenue increases
TVNZ’s improved financial performance will allow it to make ‘‘bigger bets’’, chief executive Kevin Kenrick has told MPs.
Chairwoman Therese Walsh said TVNZ wanted to ‘‘partake in any discussions’’ about how to make the media more efficient, ‘‘whether that be public media or private media’’, after initially being questioned by a select committee about the prospect of a merger with RNZ.
The comments seem unlikely to dampen speculation that the state-owned broadcaster might be a left-of-field candidate to pick up some or all of Stuff Ltd, which is being put up for sale by its Australian owner, Nine.
TVNZ last week declined to say whether it might seek an ‘‘information memorandum’’ that is being prepared by Nine for prospective buyers of Stuff.
Last year was the first time in five years that TVNZ had grown its annual revenues year on year, Walsh said, describing it as a ‘‘great year for TVNZ in the context of a very competitive, fragmented media industry’’.
She said TVNZ’s improved performance had ‘‘allowed it a little bit of headroom to invest in the future’’.
Kenrick said that as well as having more ‘‘fiscal headroom’’ TVNZ now also had ‘‘more confidence about our ability to have a more stable business and therefore to place some bigger bets’’.
‘‘We obviously continue to focus first and foremost on TV performance because that is the big engine that drives our business ... but we have also been investing in future potential areas for the business,’’ he said.
‘‘We have been doing a lot of work around what the future of news might look like . . . and also what other digital platforms we might participate in.’’
Kenrick signalled TVNZ held a strong interest in the overall health of the media sector.
‘‘The theme we are focused on right now is looking at what is going to create the most robust outcomes for the industry, particularly around local content,’’ he said.