Let’s sell TVNZ while we can

Newsroom reports:

State-owned Television New Zealand posted an 89 percent drop in full-year profit after taking a $12.4 million write-down on the value of an “onerous” contract for content from the Disney studio and some $4.5m of restructuring costs.

Profit fell to $1.39m in the year ended June 30 from $12.7m a year earlier, the Auckland-based broadcaster said. Sales fell 2.5 percent to $316.5m while operating expenses – excluding the Disney cost – were little changed at $286.7m.

Please please please lets sell TVNZ before it becomes a Solid Energy.