Sunday, October 30, 2005

Fraser Resigns as TVNZ CEO

In an extra-ordinary turn up for the books Ian Fraser has quit as TVNZ CEO stating his reason was "he has lost confidence in his Board". Stories about interference in day to day running are now leaking out.

This is a spectacular own goal by the Government. The Board is littered with Labour appointees - Labour tinkered with the last Board and made it untenable for the then Chairman to stay; creating conditions for Clark to put her own team in. Ian Fraser is probably included in that group. Now he has had enough.

The Government will try to hide behind the Board - it won't wash. This is a Labour plaything and slowly but surely they are destroying it. It was once worth billions - now it is probably unsaleable and in any event does not have the cash to sustain itself in any sort of prolonged war. The big aussies will continue to toy with it. They have the balance sheet to continue the TVNZ death dance for some time. TVNZ has been raped by its shareholder for dividends. Now it is in a cul-de-sac and the torches are going out one by one.

Remember the same Board felt compelled a year ago to pay Judy Bailey $800,000 pa - now she is unable to agree terms and being let go...

At that time the Board, chastened following a scolding from the Prime Minister offered to resign. She demurred - they heaved a sigh of relief and repaired to lunch. They shoulda gone then. The Board is here. The Labour Lovey's are obvious - Notably Hercus, Gould and Fenwick. This organisation needs heavy weight commercial (media) nous if it is to have any chance of survival against the likes of Packer and Murdoch. It is not obvious where that leadership is going to come from.

This is another avenue for revenue that Cullen should strike off his list. They need all the cash they can generate. Cullen's idealogical and dogmatic views on privatisation mean he also lost any chance of flogging it to those same aussie gentlemen. TVNZ is in no mans land.

1 comment:

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