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Wednesday, March 09, 2011

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?


At 9/3/11 6:40 am, Blogger Barnsley Bill said...

11.2 percent interest is hardly cheap finance. Is it better to let them fail and have the radio spectrum in this country go silent?
And nobody is watching seven!

At 9/3/11 11:48 am, Blogger dave said...

Corruption = business as usual.

At 9/3/11 12:06 pm, Blogger David said...

Well with TVNZ being informed that it's nothing but a 9% per year cashcow, they can't really say too much, tho it would be interesting if they got a spanking for criticising Ol' Shonkey. Because we can all see how neutral the MSM is in this and other countries, Cue Tui AD..

At 9/3/11 3:57 pm, Blogger Bomber said...

Bill, I'm surprised you are off your hate speech site No Minister to grace us with your presence - it would be great if NZ owned all those radio frequencies, no more sex trade competitions on the rock, who could ask for more?

People will watch 7 when the analogue switch happens, why are the right wing always so short sighted Bill?

Let's get this straight shall we Billy Boy? Billy Boy tells us that the Telecomminications Minster who hands over a 43 million dollar extension to mediaworks is cool bro. It's cool according to billy boy.

Really bILLY boy? and you of course know dontcha billy boy that before it was mediaworks, it was called what bILLY boy?

it was called radio works.

and who used to own radio works Billy bOY?

Here's the moneyshot folks.

Steven Joyce used to own Radio Works.

But that's cool eh billy boy, nothing cosy about that relationship as far as the right are concerned.

I await your response with baited breath billy boy.

At 9/3/11 4:50 pm, Blogger sprog said...

I would like to see some proof that Mediaworks actually needed this dosh in the first place and that they would fail if they didn't have $43.3 million dollars of taxpayer money in their pockets?

We can get better returns for that money elsewhere that is not morally defunct. It looks like an investment or should I say bribe into National's propaganda machines. Did Mediaworks get any of those new BMW's I wonder?

I'm also wondering why it took somebody to dig it out instead of the National informing the public that $43.3 million dollars was being given to a private overseas business? Oh! Because they were cutting night classes and undertaking a war on welfare at the time and trying to justify this by saying we had no money. What a crock!


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