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​It housed some of the country’s best television reporters, broke some of the biggest stories and held political leaders’ feet to the fire.

But today, Warner Bros. Discovery confirmed it still couldn’t make ��һ�ǿ�����hub work.

The 1��һ�ǿ����� rival was scrappy from the start; doggedly scooping its counterparts and showcasing a slick news product while running on a fraction of the budget.

In spite of its journalistic success, the company has struggled financially almost since its inception, surviving two receiverships, followed by periods when it was owned by its banks and two private-equity owners.

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Still, when plans to close the broadcaster and chop hundreds of roles were laid out in an all-staff meeting on February 28, the decision was no less devastating.

Speaking at the time, presenter Mike McRoberts described the news as a “bombshell” and former TV3 journalist Bill Ralston labelled it a “tragedy”.

The following day, ��һ�ǿ�����hub and Warner Bros. Discovery New Zealand boss Glen Kyne said the company’s financial position had not improved since it lost $35 million in 2022 and $21m in 2021.

On why the decision was made, Kyne pointed to the “facts of the market”.

“We can’t find a way on our own to be viable. But of course, if there’s an opportunity for a discussion, my phone is on, I’m all ears and we will have every single one of those conversations. That’s my commitment to our people.”

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A large part of the proposal to close ��һ�ǿ�����hub was a result of the market settings, Kyne said.

Since mid-2022, he said, about $100m had come out of the local TV advertising market.

“That’s roughly 20 per cent of the entire market gone. So any one thing around digital bargaining would not be enough to really offset the devastating economic impact of what’s happened.”

Warner Bros. Discovery head of networks (NZ, Australia, Japan) Glen Kyne.

He told staff today in 2023 alone, $74m disappeared from broadcast TV advertising.

“This was the biggest drop barring the GFC since we started collecting this data in 1991. With this massive reduction in broadcast TV advertising revenue, our free-to-air and news operations were simply too expensive to run as they were.

“It is simply impossible to continue operating in our current form. You may have read some news about rumours of a deal with another media company.”

But within ��һ�ǿ�����hub’s journalism ranks, hope for a lifeline remains.

As Media Insider revealed exclusively yesterday, Warner Bros. Discovery has raised the possibility of a pared-back news service with other media companies and private individuals over the past five weeks. Talks have been held in secrecy, some parties signing non-disclosure agreements.

Today, senior ��һ�ǿ�����hub investigations reporter Michael Morrah told reporters staff proposals to save some of the organisation were listened to and they had a “relatively constructive relationship” with management.

“We worked extremely hard on the proposal and tried to get as much information and make suitable cutbacks that we thought might pique their interest. And we’re absolutely gutted that they’ve ultimately decided against adopting our proposal.”

Investigations reporter Michael Morrah spoke at ��һ�ǿ�����hub’s Auckland newsroom in Eden Terrace following the announcement the news outlet would be shut down. Photo / Alyse Wright

Their view, he said, was that even the proposal would still cause a downward trajectory for the business.

Morrah said staff did not know who the interested parties were, nor what they were proposing, but they had been told discussions were ongoing and separate from the internal consultation which was just concluded.

“Should there be another media business that comes along and tries to help salvage something of what we represent, then that would be a welcome opportunity. But that’s for another day, and we just don’t have the details of anything about that.”

Fellow journalist and broadcaster Patrick Gower also remained committed to finding a lifeline for ��һ�ǿ�����hub, asking those considering it to “get the deal done”.

��һ�ǿ�����hub's Patrick Gower speaks to media following the confirmation of the broadcaster's closure. Photo / Alex Burton

“We know there is huge value in what people are doing for ��һ�ǿ�����hub, not just in terms of what it does journalistically, but in terms of what it can do commercially for Warner Brothers Discovery and in terms of what those journalists can do if another media organisation is to come in and do this.”

Gower said they were losing 250 amazing people, who were good friends of his, and of all Kiwis.

“Give ��һ�ǿ�����hub a lifeline, give some of the people in here a lifeline and give Kiwis the news that they deserve.”

Katie Harris is an Auckland-based journalist who covers social issues including sexual assault, workplace misconduct, crime and justice. She joined the Herald in 2020.

This story was originally published on the Herald,