We observed in a post this April that in 2018, Stuff Ltd, the owner of several of the country’s newspapers including the Dominion Post and the Kapiti Observer, made a whopping $74 million loss.
This year, according to accounts it filed with the Companies Office last week, that loss has been turned into a small $5 million profit, but only achieved by massively reducing expenses — from $407 million last year to $255 million. That has involved closing offices, reducing staff, reducing press runs, and paying reporters even lower wages. In regard to the last, there is an old saying “pay peanuts and you get monkeys.” The quality of Stuff journalism, as we know particularly in Kapiti, is poor and more often than not politically biased.
The company’s revenue continues to fall — from $334 million in 2017, to $306 million in 2018 to $269 million this year.
The future of the Australian TV Channel subsidiary in NZ looks bleak.