This has been a difficult year for the broadcaster, thanks largely to the culling of Campbell Live, which sapped staff morale. Now, 2016 promises to be another pivotal year for free-to-air television - and TV3 needs a win.
The next funding round for drama is in July. Even if that proves successful in obtaining money - which is far from certain - the show would not make it to air until 2017.
Mediaworks expressed its disappointment at the decision, but is declining to comment on what it plans to do with the project and whether it will apply again.
Charm offensive
So, what went wrong with a proposal that seems to have been groomed to be a game changer?
Judging by the NZ On Air response to MediaWorks, Weldon and co have been too confident.
MediaWorks sources said the chief executive and MediaWorks board member Julie Christie had been blunt in discussions with the funding agency.
A letter from NZ On Air to MediaWorks, obtained under the Official Information Act, outlines problems with the proposal.
According to NZ On Air: "Warner Bros NZ submitted a professional application, and there were a number of attractive features to the proposal."
However, "The [NZOA] board declined funding because of funding constraints and low priority."
The letter pointed to failings in the application. "The board considered the business case for the application was not strong enough when considered as a whole.
"Issues included MediaWorks' inability to commit to the level of sliding scale investment the board had previously indicated it expected" - in other words, making the taxpayer's contribution smaller as the show became established.
The planned show's off-peak slot was aimed at providing a boost for 3News.
However, the early timeslot was a problem because it limited the potential audience for the planned show.
NZ On Air cited "tough competition against an established soap" (Home & Away, screening at 5.30pm on TV2) and "a digital strategy that did not, in our view, mitigate the off-peak concerns."
NZ On Air also said the planned soap had "a tight budget with no contingency that meant we had concerns about delivering a quality series.
"The board needed to be very mindful of the ongoing commitment required for a series like this, such that this would significantly constrain future choices to ensure our ... obligations for a diversity of content for varied interests in the community."
Hoi polloi
Trinity Point is central to MediaWorks' hopes for a resurgence after a harsh 2015, and like all TV networks it has relied on taxpayers for its drama output.
But in my opinion, MediaWorks has been clumsy and appears to have gone into the funding round with a sense of entitlement.
NZ On Air has proven to be a good guardian of public money after a year in which TV3 had mixed results with its programming initiatives.
Then again ...
There is another view, however.
For all we know, Trinity Point might be brilliant.
Warner Bros NZ (formerly EyeWorks) has US expertise in assembling popular dramas. The company has become a favourite at MediaWorks, winning commissions with shows including Come Dine With Me and The Bachelor.
One respected industry player, who said he was not part of the Trinity Point project, believes a second daily soap would be a good use of NZ On Air money. The funder has become too focused on higher end drama that would appeal to smaller, older audiences, he argues.
A soap, on the other hand, provided a drama for "working class" New Zealanders who would not wait up for Sunday theatre.
Trinity Point might have a budget of $150,000 per hour, the industry player speculated.
The July meeting of NZ On Air allocated $3.17 million for a two-hour film about the aviator Jean Batten for TV One's premium Sunday drama spot. That is $1.6 million per hour, for a show that was likely to attract an older audience.
For TVNZ, head of television Jeff Latch said it was aiming at young viewers, but wanted a drama package for all demographics.
Latch questioned whether there was room in the market for a second daily soap.
Shortland Street is the foundation for TV2, in the same way that TV3 would like Trinity Point to be, but Latch said Shortland Street was so established and popular, a second soap probably not could build its ratings.
Budgets had to be kept tight, said Latch, but production values had to be maintained to compare with US shows.
He said MediaWorks' problems were due to "a three-year period in which it put too little effort into drama".
Driving for trust
Volkswagen NZ will focus on repairing relations with its clients, to repair brand damage from the emissions scandal. A furore arose after it was revealed VW cars were fitted with devices to defeat emissions tests.
There would be some advertising, but the focus would be on customer relationships, said Volkswagen NZ general manager Tom Ruddenklau.
Ruddenklau said about 60 per cent of VW customers were repeat buyers, and some would be feeling let down by the scandal.
Volkswagen AG in Germany has confirmed that a total of 5548 New Zealand diesel vehicles were affected by the emissions software issue.
"The first part of the fix is technical - the second is regaining the trust of our customers," said Ruddenklau.
Mark Jenner is managing director of the branding agency Interbrand. He says consumers will forgive brands which screw up, if they respond properly afterwards. To quote another advertising line: it's the putting right that counts.
With VW, he says, the jury is still out.
