Crown promises $30m 'rainy day' capital injection for TVNZ

Tue, 25 Aug 2020

State-owned broadcaster TVNZ is being promised a capital injection of taxpayer funds of up to $30 million if business conditions worsen substantially in coming months. Chief executive Kevin Kenrick described the $30 million uncalled share subscription arrangement as akin to the balance sheet strengthening undertaken by numerous listed companies in response to the shock to economic conditions caused by covid-19, although it would only be required "in a distressed scenario". "We've got more than $50 million in cash and zero debt," he told B...

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