TVNZ news and current affairs is set to lose $5 million from its budget.

About 75 jobs could be affected by the move as management scale back the $40m news and current affairs budget, Fairfax Media reported.

Sources told the newspaper TVNZ staff had been told changes would include downgrading the Wellington and Christchurch bureaus and centralising control in Auckland.

Broadcasting Minister Jonathan Coleman said the measures were an operational matter, so it would be inappropriate for him to comment.

Labour broadcasting spokesman Brendon Burns said the latest cuts pointed to the Government preparing the company for sale.

Dr Coleman previously said he favours establishing TVNZ 7 as a public broadcaster, leaving TV One and TV2 as commercial operations.

News and current affairs head Anthony Flannery told managers in February that "some jobs will be lost ... and many more will be impacted" as the company sought cost efficiencies and more multi-skilling of staff. Spokeswoman Megan Richards said in February that the exercise was different from early last year when the company shed 80 jobs to cut costs by $25m.

TVNZ made a profit before interest and tax of $10.1m last year. That shrank to $2.1m after tax, interest and restructuring costs.