TVNZ scraps dividend as profit falls

TVNZ scraps dividend as profit falls
The broadcaster is preparing for its merger with RNZ. (Image: TVNZ)
Daniel Dunkley
TVNZ will not pay a dividend to the government this year after post-tax profit fell to $7.9 million.The broadcaster reported a slump in net profit to $7.9m in the year to June 30 from $59.2m in 2021, following an increase in spending.Revenue increased to $341.7m from $339.9m in 2021, while advertising revenue dipped to $321m from $322m.A 22% year-on-year increase in digital revenue delivered a boost as the broadcaster attempts to diversify from linear television.Yet operating expenses soared to $315m from $253m in 2021, an increase of more than...

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