MediaWorks to buy more NZ shows as CBS rights expire 1 Jun 2012
- Summerset FY earnings may rise as much as 39% as sales surge Business
- Fitch affirms New Zealand's 'AA' credit rating Business
- NZ dollar little changed as traders await Greek developments Business
- Hanover settlement 'some comfort' for investors, Key says Business
- MARKET CLOSE: NZ shares fall on Grexit fears Business
- NZ dollar holds near 5-year low before Hollande, Merkel meet Business
- NZ economy doesn't need fiscal stimulus yet, Key says Business
- NZ Merino secures $3M contract for Godfrey Hirst carpet Business
- NZICA had 'aggressive' campaign to smear rival, lawyer says Business
- NZ shares kick off region-wide decline after Greeks say no Business
MediaWorks NZ, the private-equity owned broadcaster, plans to spend more on local television programmes as it winds down its deal with CBS Broadcasting and stops taking new shows from the most-watched network in the US.
The Auckland-based media company, whose stable includes TV channels TV3 and Four, and radio stations including the Rock, MoreFM, won't renew its output deal with CBS for new shows when it expires at the end of the year. Instead, it will use cash to buy local programmes as its existing CBS line-up, such as CSI and America's Next Top Model, come to their use- by date.
"TV3 over the last five to 10 years has put more emphasis on local content," and some of the broadcaster's most popular shows, such as Outrageous Fortune, have been New Zealand made, spokeswoman Rachel Lorimer told BusinessDesk.
The shift will be a gradual one as TV3's existing stable of CBS shows are taken off air, but it won't save the broadcaster any money, as locally produced programmes are expensive, she said.
In the 2010 financial year MediaWorks spent $82.2 million on programming and production with programme rights commitments totalling $264.1 million as at Aug. 31 that year, according to the latest financial statements lodged with the Companies Office.
Some $63 million of those programme commitments were within one year, $184.6 million between one and five years, and the remaining $16.5 million committed beyond five years.
MediaWorks had $9.2 million in US dollar-denominated foreign payables in the 2010 year, using a hedge policy of between 75 percent and 100 percent of expected cash flows.
Lorimer said the broadcaster will probably keep its current mix of in-house productions and externally produced shows.
"There's no particular plan to beef up what we do in-house," she said. "Independent producers are incredibly important to us."
Over the past three years, New Zealand On Air provided almost $54 million in funding for shows broadcast on TV3 or Four. Of that, in-house TV3 productions attracted just $5.7 million. Over the same period, state-owned Television New Zealand produced programmes attracted $16.4 million in NZ On Air funding.
That funding doesn't include brand-funded shows such as TV3's upcoming series, The Block NZ, which is being produced by Eyeworks.
2 Jul 2015 Canterbury Earthquake
The regeneration of Christchurch will be the city’s focus for the next five years as local leadership progressively takes... more
2 Jul 2015 News
Government Welcomes Successful WTO Trade Policy Review Trade Minister Tim Groser today welcomed the conclusions of the 5th World... more
2 Jul 2015 Business News
TPP too big to fail, says visiting US trade deal specialist Petri July 2 (BusinessDesk) - Too much political capital has been... more
24 Jun 2015 Business News
Article - BusinessDesk MARKET CLOSE: NZ shares gain, led by A2 as potential bidder unmasked; dividends appeal By Jonathan ... more
24 Jun 2015 Lifestyle
The Remarkables June 24 2015 The Remarkables ski area to kick off 2015 season this Saturday The Remarkables ski area in Queenstown... more
23 Jun 2015 Lifestyle
SOUNZ For immediate release SMCO-SOUNZ Composer Workshop selected works announced SOUNZ and Auckland based St Matthews Chamber... more
24 Jun 2015 Property
New Zealand Government Hon Anne Tolley Minister for Social Development 24 June 2015 Extending Canterbury accommodation... more
22 Jun 2015 Migration
NZ migration rises to new annual record in May, closing in on Treasury's upside scenario June 22 (BusinessDesk) - New Zealand... more
24 Jun 2015 Travel & Tourism
Article - BusinessDesk Air NZ sees annual earnings rising by as much as 60% By Paul McBeth June 24 (BusinessDesk) - Air New... more
19 Jun 2015 Travel & Tourism
Analysts divided on impact on Air NZ's earnings of Jetstar's regional routes challenge June 19 (BusinessDesk) - Analysts are... more
2 Jul 2015 Sport
Kiwi Artem Sitak braves soaring temperatures and a lengthy battle to make it into the second round of doubles at Wimbledon.Kiwi Davis... more
2 Jul 2015 Opinion
Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good... more
24 Jun 2015 Column
Column - Gordon Campbell Gordon Campbell on telling the poor to ask for more The government’s
2 Jul 2015 Appointments
New Zealand Government Hon Dr Nick Smith Minister for the Environment New EPA board appointments Environment Minister Dr Nick Smith ... more
2 Jul 2015 Appointments
New Chair and Commissioners appointed to the Maori Language Commission The Maori Development Minister is pleased to announce that... more
23 Jun 2015 Recruitment
Apprentice of the Year Competition Carpentry apprentices go head to head in national competition Entries for the Registered Master ... more
26 May 2015 Press Releases
NZ employees rate work-life balance as top priority, while job seekers eye cash, survey shows May 26 (BusinessDesk) - New... more