Why SWM is worth more than $1.50 per share, page-66

One of New Zealand’s biggest commercial media companies is to close its newsroom, with the loss of more than 200 staff – including some of the country’s biggest television stars.Warner Bros. Discovery (WBD), on Wednesday announced the closure of all Newshub’s operations - including television and its website - from June, blaming a collapse in TV advertising revenue and changes in viewing habits.WBD told staff the news at an all-staff meeting fronted by the head of WBD’s Asia Pacific operations, James Gibbons, who flew in from Singapore.Newshub reported that Mr Gibbons told staff the company could no longer afford to produce news in-house.“Advertising revenue … has disappeared far more quickly than our ability to manage this reduction, and to drive the business to profitability,” he said. “This doesn’t mean news isn’t valuable. We just haven’t found a way to make it work financially here in New Zealand.”Glen Kyne, the head of the New Zealand operation, told staff, many of whom were in tears, that the current environment meant it was impossible for the newsroom to continue.“It is so difficult to fathom that proposing these changes is necessary,” he said. “We all know that Newshub is a crucial part of a functioning fourth estate in New Zealand as a whole.”The closure means the end of the company’s flagship 6pm news bulletin, with hosts Samantha Hayes and Mike McRoberts, both household names, losing their jobs along with a third star presenter Ryan Bridge, host of Newshub’s new 7pm show.The move leaves the company’s rival, state-owned organisation TVNZ with a near-monopoly on television news.Up to 350 people work at WBD in New Zealand including around 200 journalists, producers, editors, and camera operators. NZ media is reporting that the restructure could see only 50 staff remain.Staff spoke of their “devastation” and “shock” at the move, which came after WBD had dumped its AM Early and Newshub Live at 11am shows last August, and popular program The Project, 7pm news and Current Affairs shows axed in October.Bridge had been moved from AM to a new 7pm show but it had yet to begin broadcasting.Newshub reported the closure was part of a wider shake-up of WBD’s ANZ operations. The company would instead focus on its streaming platform ThreeNow.The company is in consultation with affected staff.