26 Feb 2021

TVNZ to pay back $5m in wage subsidies as profit doubles

2:28 pm on 26 February 2021

Television New Zealand (TVNZ) is repaying nearly $5 million it received from the Government in Covid wage subsidies.

TVNZ building

TVNZ building Photo: Supplied to RNZ

The announcement came in its half-year results released today.

TVNZ said it doubled its profit to just under $34 million in the six months to the end of December through cost savings in the Covid pandemic.

Total revenue was down marginally to $175 million.

However, TVNZ said its operational expenses were down largely due to spending less on content as supply dried up during the Covid pandemic and it kept costs down across the business.

It said it also gained audiences while people were locked down or were seeking news updates.