Television New Zealand has written off its investment in the digital TV service TiVo.
TVNZ has reported the write-off in its half year result, which fell by $4 million to $4.9 million compared with the same period a year ago.
The company wrote off the $14.8 million investment in TiVo, saying it faced extreme competition in Australia and the cost of running it could not be sustained.
TVNZ had a 33% investment in TiVo through the company Hybrid.
Its operating earnings doubled to $33.5 million, as advertising revenue rose by 8%.