Government helps overseas media company while killing NZ public broadcasting?
Your $43m lifeline to TV3 owner
The Government has thrown a lifeline to ailing private media company MediaWorks, which owns TV3, Four, and about half New Zealand's commercial radio stations.
MediaWorks' latest accounts show it has essentially received a $43.3 million loan from the Crown to enable it to renew its radio broadcasting licences for the next 20 years.
According to the accounts, which MediaWorks is obliged to file with the Companies Office because it is overseas-owned, the private company is paying 11.2 per cent interest on the money, which has been granted for just over four years.
Whoa, whoa WHOA! After announcing that this Government are killing off public broadcasting, we now find out that they have been giving a foreign owned media company massive loans to renew their radio licences?
This Government are more than happy to kill off TVNZ and Freeview for Rupert Murdoch's benefit while killing off public broadcasting yet here they are propping up Steven Joyce's old radio business mates?
Steven Joyce (who used to own the radio stations that Mediaworks now own) gives his old radio buddies a massive loan to pay off their radio fees under the guise of it being a difficult business environment - that's bullshit, radio broadcasting is the biggest cash cow for mediaworks, it's their TV arm that is costing them, not the radio stations.
So in short - National will kill Public Broadcasting but help fund Joyce's old media company now it's owned by foreign companies?
How on earth can this happen without the media going mental at National?