MediaWorks to buy more NZ shows as CBS rights expire 1 Jun 2012
- NZ dollar gains on rising business confidence Business
- New Labour-Greens MoU falls short of coalition Business
- Fonterra winds up $109M staff pension scheme Business
- Mercer Group to consolidate operations in Christchurch Business
- NZ "struggling to commercialise good innovation" Business
- Chinese airline stake in Virgin could help Air NZ sale Business
- Former SkyCity boss Nigel Morrison sells shares Business
- LINZ boss Mersi tapped to be Transport CEO Business
- NZ business confidence rises in May Business
- NetSafe appointed to cyberbullying role News
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.
16 May 2016 News
Asia New Zealand Foundation Shanghai trip to inspire New Zealand teachers A group of teachers hailing from Invercargill to Whangarei... more
16 May 2016 News
New Zealand Government Hon Louise Upston Minister for Women 15 May 2016 Highest ever percentage of women on state sector boards New... more
17 May 2016 Business News
Tuesday 17 May 2016 05:10 PM NZ dollar tumbles vs Aussie after RBA minutes, extends slide on inflation outlook May 17 ... more
29 May 2016 Arts
The Ageas Salisbury International Arts Festival, recently awarded silver for Best Tourism Event in South West Tourism Awards, is now... more
16 May 2016 Lifestyle
Crossing The Bridge Exhibition to Showcase Ashburton’s Migrant Community 16 May 2016 A photography and film exhibition... more
16 May 2016 Property
By Jonathan Underhill May 16 (BusinessDesk) - Kiwi Property Group, the country's biggest listed property investor by market value,... more
30 Mar 2016 Migration
British High Commissioner Jonathan Sinclair is defending changes to skilled migrant rules for Britain but suggests they won't affect... more
16 May 2016 NZ Tourism
Article - BusinessDesk Monday 16 May 2016 12:20 PM Jucy plans to expand pod-style hotel chain to Australia in 2017 By Fiona... more
16 May 2016 Sport
Kids' Lit Quiz New Zealand’s ‘other’ national sport has its time to shine Monday, May 16 2016: There’s no... more
16 May 2016 Column
Column - Gordon Campbell Gordon Campbell on New Zealand’s support for the Kazakh dictatorship Thanks to Sacha Baron... more
12 May 2016 Appointments
New Zealand Government Hon Anne Tolley Minister for Social Development 12 May 2016 New appointments to Vulnerable Children’s... more
28 Apr 2016 Appointments
University of Otago University of Otago appoints next Dean of Pharmacy A leading researcher from Canada has been appointed as the... more
10 Mar 2016 Recruitment
New Zealand Government Hon Michael Woodhouse Minister for Workplace Relations and Safety 10 March 2016 Zero-hour contracts gone, PPL... more