Television New Zealand is rethinking its bid for the free-to-air rights to screen Rugby World Cup matches in 2011.
The rights would allow free to air screening of 16 of the 48 matches, including key quarter-finals, semi-finals and the final.
TVNZ chief executive Rick Ellis says TVNZ has already lodged a bid for the World Cup rights and has been invited to lodge a second tender but any bid will be constrained by the broadcaster's financial circumstances.
The state-owned broadcaster has already offered its rights to next year's Commonwealth Games coverage to Sky.
On Wednesday, TVNZ announced a massive 89% drop in annual profit, due to declining advertising revenue in the recession.
The company made a small profit of $2.1 million for the year to June, compared with $19.4 million for the previous 12 months.