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Television New Zealand chief executive Rick Ellis has explained away state TV's worst-ever financial result, saying that under his watch he was turning the company around and "Rome wasn't built in a day".
You wouldn't have seen much coverage of the briefing on the state broadcaster's rival TV network, however. TV3 news crews were excluded from the briefing because they were "representing the opposition".
Yesterday Mr Ellis announced the company's first-ever deficit and said it was due to a fall in ratings linked to problems at TV One that had now been resolved.
"There is no doubt that TV One had lost its way in terms as a brand."
He said it had been very difficult for staff to commission the right programmes when it had been unclear what TV One stood for. There was a vacuum, he said.
He was confident new local and imported shows shows coming on this year would help the turnaround.
Mr Ellis said this was his first full year since he took over the role vacated by Ian Fraser and a period that has seen an overhaul of top management.
He said the $4.5 million loss for the year to June 30 - which TVNZ confirmed was the first for state television - would be turned into a $11.3 million profit next year and a $16 million profit in 2009.
Mr Ellis told a briefing of selected journalists and financial brokers yesterday - excluding TV3 news crews because they were the opposition - that the deficit was the result of $11 million one-off costs for restructuring that has pushed more than 100 people off the payroll.
The cost cutting, which has seen the loss of some of TVNZ's news crews, would save $17 million a year.
Mr Ellis blamed the deficit on problems caused by a $30 million drop in advertising revenue after some shows did not deliver expected audiences.
But underlying the lost advertising revenue was confusion about what TV One stood for in marketing terms.
TV One, which had "lost its way", and TV2 shows such as Lost and Desperate Housewives had not rated as well as expected.
He said early financial results for the past three months were slightly more than expected and he was confident the company's audiences slides were now in the past for TVNZ.
Broadcasting Minister and TVNZ shareholding minister Steve Maharey defended the financial result, despite TVNZ taking in $312 million of advertising revenue and $33 million of taxpayer subsidies to wind up $4.5 million in the red.
The company, which is normally required to deliver a dividend to the taxpayer, said there would be no dividend to the Government this year.
The minister said:"Like all public broadcasters worldwide, TVNZ is going through a period of major change in the move to the digital environment."
He said that TVNZ had a "solid plans" to change this year's loss in the longer term.
The company's restructuring was part of a major plan by the TVNZ board and management to put the organisation back on a sustainable path.
"The company has a solid strategic plan to turn the loss into an $11 million profit next year and $16 million in 2009."
But National broadcasting spokesman Jonathan Coleman says the loss is due to the failure of the Government broadcasting policy and expectations for the charter.
Meanwhile, TV3 news boss Mark Jennings said he had been shocked when TV3 staff who sought to cover the news event were refused entry by TVNZ.
A spokesman had told the TV3 news that they could not enter because they are "the opposition".
Mr Jennings said TV3 planned to take up the matter with the media freedom committee, a body set up by media organisations to ensure the rights of media to cover news.
"This is a public event about the performance of a taxpayer-owned body. It was a valid news event and it would be covered as such."
The ban is understood to have ben ordered by Mr Ellis.
TVNZ spokeswoman Megan Richards said the results were on the public record and TVNZ could decide itself who it wanted to invite to its briefings.
