This morning, there was "bad news" in New Zealand's news** industry - Newshub is going to close. 
For a while, the industry was shaken, and the Prime Minister of New Zealand, the former Prime Minister, the Deputy Prime Minister and even the governor of the Reserve Bank came out to express their opinions. Well-known newsrooms are closed300 jobs will disappearNewshub is a subsidiary of Warner Bros. Discoverydiscovery) is a news arm of the New Zealand company. theNewshub is New Zealand's third most talking**to provide round-the-clock news coverage. At 11am this morning, Warner Bros. Discovery New Zealand held an all-hands meeting, with security personnel deployed outside the venues in both Auckland and Wellington. 
Employees attend a meeting in Auckland Picture: NZ Herald Auckland employees were asked to attend today's meeting in person, while those in other parts of the country, or those who were unable to make it, had to attend via Zoom. James Gibbons, President of Warner Bros. Discovery Asia Pacific, travelled from Singapore to New Zealand for the conference. "The employees felt a different atmosphere and were very anxious. A source said before the meeting. A proposal was announced at the meetingAll of NewsHub's multi-platform news operations and outputs, including NewsHub, will be shut down at the end of June**。As soon as the news came out, the crowd was in an uproar. Warner Bros. Discovery New Zealand has about 350 employees, of which about 200 work in journalism. A source saidThe downsizing may result in a company with only 50 employees
6pm News Presenters Samantha Hayes and Mike McRoberts Newshub is home to some of New Zealand's most well-known and respected journalists and presentersClosures can be devastating for local**。The closure of Newshub also means that New Zealand's state-owned television station will have a virtual monopoly on television news production. "The project has been losing money for too long".Employees are "disheartened".Shortly after the meeting, the full document of the two executives' public proposal leaked out. James Gibbons, president of Warner Bros. Discovery Asia Pacific, said the decision was not an easy one. The proposal follows a review of the New Zealand operation. "The reasons for the closure of Newshub are complex, with the global economic downturn being severe and not meeting expectations,** Gibbons said. The industry in New Zealand and globally is facing a difficult situation. "The operating costs of free-to-air broadcasting and journalism services are high. Our advertising revenue in New Zealand has shrunk so much that profitability has fallen far behind。"So, we can't afford to invest in a loss-making project indefinitely. ”
Gibbons also said that next,The company will focus on the stream ** project threenow, and new local shows can only work with local funding agencies and other partners。In 2022, Warner Bros. Discovery New Zealand reported an after-tax loss of NZ$35 million. Staff costs for the year totalled $59.7 million, and production costs increased by $9.3 million, almost triple the previous year. Newshub is costly, there are too many losses, and there is a limit to throwing money, and the company is finally unable to survive now. 
Hosts Ryan Bridge and Mike McCroberts leave the meeting Am on Three's host Bridge, who told reporters that all they have on mind now is their colleagues, and said "we're going for a drink." One employee said they were "disheartened" by the news. 
People care so much about the news that closing the newsroom is devastating. ”The Prime Minister voiced: We cannot interfere.
Today, the leaders of all parties have spoken out on this matter. New Zealand Prime Minister Christopher Luxon said he had spoken to the owner of Newshub before making the announcement. He believes that the news of the newshub closure is indeed "shocking and sad". 
Prime Minister Christopher Luxon and Communications Minister Melissa Lee Source: 1News However, he also made it clear,It is unlikely that there will be any intervention in this matter, because the company wants to innovate and reform。** And Communications Minister Melissa Lee said she spoke to Glen Kyne, owner of Warner Bros. Discovery in New Zealand, last night and was told what she had to say about the day. One thing needs to be clarified, Lee said, Warner Bros. Discovery has never sought assistance. Deputy Prime Minister Winston Peters said it was an "absolute disaster" for Newshub employees and their families, as well as "a disaster for democracy in this country". 
Previously, he had raised it in Congress"woke media".said. Today, when he was asked whether the wording was appropriate for the battered **, Peters said he meant "calling out the truth." "The trust of the public has been lost. These are facts, and if you want to accuse me of this, then you must be joking. He said. Former Labour Prime Minister Helen Clark also spoke out through X: "Democracy requires high-quality public service radio and television. ”
Reserve Bank Governor Adrian Orr said he was "empathetic" to Newshub employees who received notices of layoffs. He believes that New Zealand's economy is currently "in line with expectations" and that the closure of Newshub is also part of the "economic cycle". "Economic demand is slowing, a surplus is starting to emerge, and we are in a period of deflation. "Wages are expected to be lower than expected, unemployment is starting to rise, and businesses are trying to cut costs as much as possible. He said.