27 Oct 2009

Restructuring, redundancies cost TVNZ $3.7m

3:10 pm on 27 October 2009

Restructuring and redundancies at Television New Zealand cost the company $3.7 million in the last financial year.

In March, TVNZ announced that it had identified $25m worth of savings, including about 90 proposed redundancies, as well as cuts to departmental and programming budgets.

The $3.7 million bill associated with those changes is revealed in the state broadcaster's annual report.

The report says the reorganisation costs included redundancy payments, "outplacements", consultancy work and sundry other expenses.

It says the reorganisation costs have been fully recognised in the last financial year, which ended in June.