Labour spending $368 million to merge two companies worth $366 million!!

The merger of TVNZ and Radio New Zealand will cost taxpayers $368 million according to the recent Budget.

The last annual reports for TVNZ and RNZ had their net worth at $298 million and $67 million respectively. Together they have a net worth of $366 million.

So taxpayers are going to be out of pocket by $368 million to merge together two companies worth $366 million. Isn’t it ludicrous? Especially as the merger is a solution looking for a problem.