Newshub, one of New Zealand’s two major free-to-air TV networks, has announced the closure of its newsroom, resulting in the loss of over 200 jobs. The decision comes after years of financial losses and a decline in TV advertising. Newshub, owned by Warner Bros Discovery, cited a poor advertising market and changing viewer habits as the reasons behind the closure. This move leaves the state-owned TVNZ network as the sole remaining source of free TV news in New Zealand.
During an all-staff meeting, Warner Bros Discovery NZ boss Glen Kyne expressed his regret over the decision, acknowledging the devastating impact on the affected employees. High-profile TV hosts and journalists, including Mike McRoberts and Samantha Hayes, will be among those losing their jobs.
James Gibbons, the company’s Asia-Pacific president, explained that the decision was driven by a combination of negative events and the need to adapt to the changing media landscape. Newshub is expected to continue as a predominantly streaming business, with a proposed remodelling of the company. Warner Bros Discovery NZ reported losses of NZ$35 million before tax in 2022 and NZ$21 million the previous year.
The closure of Newshub has also raised concerns in the Australian market, as Warner Bros Discovery’s rival, Paramount Global, owns Network Ten. Paramount Global recently announced global cost cuts, including potential job losses in its local offices.
Warner Bros Discovery NZ stated that the new model for Newshub will be “digitally led,” with a focus on its streaming app ThreeNow, supported by free-to-air linear channels. The company will continue to air shows but with significantly reduced costs. The decision reflects the challenging circumstances faced by media companies worldwide, with advertising revenue declining and increased competition from streaming services.
Newshub’s closure marks a significant shift in the New Zealand TV news landscape, leaving TVNZ as the sole remaining provider of free-to-air TV news in the country.
