MediaWorks owns well-known radio stations, including MaiFM, MoreFM, The Breeze, The Edge, and The Rock.
The company is proposing job cuts for the second year in a row, after reporting a net loss last year, before significant items and tax, of more than $14m.
In a statement, the company said: “The proposals have included changes of reporting lines, the disestablishment of some roles and the creation of new roles.
“If roles are confirmed as disestablished we will also explore redeployment options in other areas of the business.”
The company needed to meet customers’ needs and adapt to the changing market.
It would not be commenting further while working through the proposals, the statement said.
MediaWorks posted a net after-tax loss of $107.1m after an impairment of $86.5m in May.
Last October, it released its audited financial statements, along with notes from the auditor, PwC, warning of “material uncertainty”.
It had made a net loss of nearly $126m, with liabilities exceeding assets by $19.4m.
The auditor said there was “significant doubt” about whether MediaWorks could continue to operate beyond June 2025, given its bank financing arrangements.
“The ability of the group to support its ongoing operations over the forecast period to 30 June 2025 is dependent on a successful renegotiation of its lending terms with the lenders including revised facility limits and covenants and to meet the terms of any revised agreements ongoing,” it said.
“These events and conditions along with the other matters… indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern.”
In 2023, MediaWorks cut dozens of jobs and abruptly closed its new station, Today FM, in an effort to cut costs.
In September, Whakaata Māori also confirmed there would be job cuts.
In August, TVNZ reported a loss of $85m against a $1.7m profit the year before, driven by a $62m write down in asset values, which were not specified, and a $39m drop in revenue.
Warner Bros Discovery New Zealand also closed its news operation Newshub in July, following a $138.2m after-tax loss for the 12 months ended December 2023, compared to a $34.9m loss in 2022.
