Newshub, one of New Zealand's leading media outlets, closes

Warner Bros. announced US giant Discovery announced plans on Wednesday to shut down Newshub, one of New Zealand's leading media outlets, in what may come as a surprise. “A disaster for democracy in this country”According to the Deputy Prime Minister. Citing a collapse in advertising revenues, the US media and entertainment group announced the closure in June “All Newshub activities”especially its website and news channel, which may lead to the layoff of about 300 employees.

that it “Absolute disaster” To the persons concerned and “A disaster for democracy in this country”Deputy Prime Minister Winston Peters told the press. Newshub is one of the two major free-to-air television news channels in the country. Its disappearance would leave public audio-visual group TVNZ in a near-monopoly position.

“We are very aware of our place in the local media landscape and what that means for our citizens and the country as a whole.”James Gibbons, president of Warner Bros. Discovery for Asia Pacific, said in a statement. “Advertising revenues in New Zealand have disappeared much faster than we can manage the decline and maintain business profitability.”Mr Gibbons added.

“Everyone can see that the media sector, here in New Zealand and around the world, is facing very difficult circumstances.”, he added. Prime Minister Christopher Luxon told local media that he spoke with the CEO of the American giant about this “Learn the reasons for this decision”.

Newshub's Wellington office manager, Caitlin Cherry, called “very sad” This news was claimed by many employees “extermination”This was in a message posted on social media. According to the NZ Herald daily newspaper and website, about 300 people could lose their jobs, including about 200 journalists. This news comes after the closure of many media outlets around the world, especially due to a decline in advertising revenues.