16 November 2005

Te Heu Heu misleads on TVNZ Annual Report

National's Broadcasting spokesperson Georgina Te Heu Heu is misrepresenting results shown in TVNZ's annual report, Broadcasting Minister Steve Maharey said today.

"This is an unequivocally positive report," Steve Maharey said. "TVNZ is returning a lower dividend this year because they are investing more in New Zealand programming, not because of a reduction in profits as Ms Te Heu Heu suggests. Last year we gave them part of the dividend back, this year we have agreed they can retain it.

"TVNZ's annual operating surplus is up $4 million on the previous year. In addition they have commissioned 208 New Zealand programmes from 86 separate production companies with local content reaching a peak of 70 percent in May this year.

"This report shows quite clearly that TVNZ is performing well both commercially and with respect to the Charter.

"In addition to retaining part of their dividend for New Zealand programming, TVNZ has made an accounting adjustment that means their programmes will be depreciated more quickly.

"Television programmes depreciate much faster than they used to and this adjustment reflects that. No doubt Ms Te Heu Heu will try to represent this as something other than what it is, an adjustment for depreciation."

ENDS

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