August 26, 2025 • 6 mins
NZME is reporting an almost 12 percent rise in half-year earnings.
The media company - which owns Newstalk ZB and the Herald - is reporting growth across audio, podcasts, subscriptions, and the OneRoof property website.
CEO Michael Boggs says this is a strong result, given the tough economic environment, but there's hope for more growth.
"People are seeing green shoots, but sadly, I've been saying that for the last year in every one of our results announcements...this time, we've not done any forecast based on green shoots."
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Now media company enz Me has revealed it spent five
million dollars on restructuring and fighting off a bid to
take over control of the company. The company which owns
The Herald and of course ourselves in the newstalk zb
made a four hundred thousand dollars loss for the first
half year. Half of the year, down from one point
nine million dollar profit in the previous year. It was
the one off costs of just over five million dollars
that drag the results into the red. Michael Bogs is
(00:22):
the chief executive High Bogsy.
Speaker 2 (00:24):
Good afternoon.
Speaker 1 (00:25):
So if you take out the one offs, then Inzigm
has actually been doing really well at a time when
I can't think of any other media company that has
been doing well. How are you doing it well?
Speaker 2 (00:34):
I think you're exactly right. You know, we're really pleased
from an underlying perspective to have delivered a really strong result.
Ebit Dhara improvement year on year, and it is a
tough economic environment. The good news is we are seeing
some of the large businesses back advertising again, so they're
going actually we want to start spending on brand again.
It's the small business, small medium businesses that really are
(00:54):
doing it tough.
Speaker 1 (00:55):
So why are the big guys doing?
Speaker 2 (00:56):
Okay, I think they're just getting ahead of it. They
can see that things will get better. They're likely got
the bigger budgets, and they've really come into radio and
into print, which has been really good to see.
Speaker 1 (01:07):
Do you think they're right? Are we through the worst
of it?
Speaker 2 (01:09):
Well, if you listen to the commentators, even in the
last couple of days, seems to be people are seeing
green shoots. But sadly, I've been saying that for the
last year and every one of our results announcements. So
in our pack today we did actually put a chat.
Speaker 1 (01:22):
How do you know then that this time is into.
Speaker 2 (01:23):
Full storm and so this time we've not done any
forecast based on green shoots. All of our guidance has
been based on the economy as we see it today,
and that's an improvement on last year.
Speaker 1 (01:33):
Okay, what's going on with revenue or radio? I see
the revenues up.
Speaker 2 (01:37):
Yes, indeed, so for the first time in some time,
we've seen terrestrial radio increasing as well as digital radio increasing.
We've seen our overall revenue market share come back to
where it has been previously, and we're doing some really
neat things around audience. You'll hate to hear this, but
you know I heart Country New Zealand.
Speaker 1 (01:54):
I don't hate that at all.
Speaker 2 (01:56):
Why would I hate I don't know.
Speaker 1 (01:57):
You, I know what's going on. You're looking at me
and you're going, I'm too cool to like country.
Speaker 2 (02:02):
That was it?
Speaker 1 (02:03):
Thank you. I appreciate that. Excellent, and yet I'm not
that cool at all. Now tell me how much did
you spend on the lawyers and stuff for fighting off
the board takeover it.
Speaker 2 (02:12):
Well, it was a small portion of our one off.
So you will have seen during the.
Speaker 1 (02:15):
Period read at the start like it was millions.
Speaker 2 (02:17):
It's exactly right, that's right. So some people have misreported
that today actually that there was five million dollars of
one offs associated with that. I can tell you it
was less than a million dollars, and it's million dollars
we prefer not to spend, obviously, So without that five
million dollars of one off, which included you know, well,
I think you know, it brought some clarity to the
business that's being changed at the board. Our shareholders obviously
(02:38):
wanted change, and it's working really well for us today.
Speaker 1 (02:42):
I think that the shareholders who were behind that may
regret that given that they now realize the cost of it.
Speaker 2 (02:48):
Look, I can't talk for them because I would, and.
Speaker 1 (02:51):
There's a lot of money to have squandered on something
like that. Tell me how the sedatorial board is going
to work?
Speaker 2 (02:55):
Well, I great news is I think Murray Kirknis, who
runs our newsroom here, been intimately involved in designing the
charter of the editorial Board, as has our board. It
reports to the board, is in an advisory fashion. It
has no executive influence as such. And the great news
is that Murray and I are able to be part
of those meetings while we don't specifically sit on the board.
(03:16):
So I think it's a really good way to bring
different perspectives, different voices.
Speaker 1 (03:19):
I mean, it sounds like can tell me if I'm wrong,
But it sounds like what they're going to be doing
is basically just listening to the radio, reading the papers,
and then coming at you and saying, look, we think
that maybe this is not working. All that is working
so kind of informal like that, I.
Speaker 2 (03:31):
Think it is. But they'll I think they'll take a
much more long titudor view of what have we been
talking about for the last three years, five years, ten years.
Are we covering topics good enough?
Speaker 1 (03:41):
Right? So they may come to you and say, hey,
this is a really big issue that you are not
covering at all, and you should be.
Speaker 2 (03:46):
Absolutely And you know, I think it can be quite
easy at times. Sometimes we can be focused on the
here and now. So if you've got some people standing
back with a little more time coming and giving advice,
I think that's really helps.
Speaker 1 (03:56):
Is this a political leaning thing?
Speaker 2 (03:57):
Absolutely not. The Charter and I'm not sure if we
had a chance to read it says it must be
from diverse backgrounds and that's political spectrum as well.
Speaker 1 (04:05):
What I mean is is it possible that for a
long time, I think the criticism has been fair that
many media outlets, and I'm not going to name anybody,
but the many media outlets have allowed themselves to become
perhaps overly caught up in what we would consider to
be quite left wing views or woke views. Some would say,
is it possible that they will come to you and say,
(04:26):
you know, hey, you guys are going down this particular
path and that's not a good path to go down.
Or balance it out.
Speaker 2 (04:31):
Yeah, I think they could definitely give some perspectives of
what we're covering, on what we're not and are we
being balanced and everything. But I think the other thing
is you will have seen from some of the recent
research by Curia that says we are the most balanced
of all media, and so that's something we should hold
our heads proud with.
Speaker 1 (04:46):
Yeah. Absolutely, Now what about the situation with herold? Now,
how's that going? You pleased with it?
Speaker 2 (04:51):
Very pleased with it. So we're seeing really strong take
up not only on our own platforms, but certainly externally
as well. So obviously on the Herald website, see it
a little harder to see on the Herald appen. We'd
like to improve that experience.
Speaker 1 (05:04):
Actually, that's a good point.
Speaker 2 (05:05):
Yeah, But we're seeing huge take up on YouTube, for example.
Are you so many people sitting at home?
Speaker 1 (05:10):
What are people doing? Are they going back and watching
the interviews again.
Speaker 2 (05:12):
They are, or even watching it live.
Speaker 1 (05:14):
How many people have you got sitting down over their
breakfast watching it on their laptop?
Speaker 2 (05:18):
I think you would see there would be many, many thousands.
Speaker 1 (05:22):
Are you being deliberately a bit vague here?
Speaker 2 (05:24):
I am confidential?
Speaker 1 (05:25):
Fair enough? Okay, where are we at, by the way,
with the Google and the Facebook guys, paying for news.
Speaker 2 (05:29):
There's nothing more we're doing at the moment. You know,
I think the New Zealand government's very focused on what's
happening in Australia and likely to be a fast follower. Yeah,
so we'll have.
Speaker 1 (05:38):
To first watch what they do. We're not going to
do anything until then, and then we might follow them
very quickly.
Speaker 2 (05:43):
Absolutely.
Speaker 1 (05:44):
Okay, Now, Bogxley, tell me when you think everybody's going
to feel better about the economy, Like, I mean, it's
one thing to talk about green shoots and and things
turning around in the big advertisers coming in, but what
about the average guy out there? When is he going
to feel better?
Speaker 2 (05:57):
Maybe you you get more commentators in here than I
do every day to about that. You know, we've been
playing a part of our role in the last few months.
We've written over or just under sorry, five hundred stories
titled on the app trying to tell good news stories
about what's happening in business.
Speaker 1 (06:11):
Is it working?
Speaker 2 (06:12):
And I think people are going Actually those are really
good stories. We've seen communities engaging in them and people
going we just like more of that things.
Speaker 1 (06:20):
Boxy, It's good to talk to you. I really appreciate
your time. Thank you so much. Michael Boggs, Chief Executive
e ended.
Speaker 2 (06:25):
Me for more from Heather Duplessy Allen Drive. Listen live
to news talks. It'd be from four pm weekdays, or
follow the podcast on iHeartRadio
Now media company enz Me has revealed it spent five
million dollars on restructuring and fighting off a bid to
take over control of the company. The company which owns
The Herald and of course ourselves in the newstalk zb
made a four hundred thousand dollars loss for the first
half year. Half of the year, down from one point
nine million dollar profit in the previous year. It was
the one off costs of just over five million dollars
that drag the results into the red. Michael Bogs is
(00:22):
the chief executive High Bogsy.
Speaker 2 (00:24):
Good afternoon.
Speaker 1 (00:25):
So if you take out the one offs, then Inzigm
has actually been doing really well at a time when
I can't think of any other media company that has
been doing well. How are you doing it well?
Speaker 2 (00:34):
I think you're exactly right. You know, we're really pleased
from an underlying perspective to have delivered a really strong result.
Ebit Dhara improvement year on year, and it is a
tough economic environment. The good news is we are seeing
some of the large businesses back advertising again, so they're
going actually we want to start spending on brand again.
It's the small business, small medium businesses that really are
(00:54):
doing it tough.
Speaker 1 (00:55):
So why are the big guys doing?
Speaker 2 (00:56):
Okay, I think they're just getting ahead of it. They
can see that things will get better. They're likely got
the bigger budgets, and they've really come into radio and
into print, which has been really good to see.
Speaker 1 (01:07):
Do you think they're right? Are we through the worst
of it?
Speaker 2 (01:09):
Well, if you listen to the commentators, even in the
last couple of days, seems to be people are seeing
green shoots. But sadly, I've been saying that for the
last year and every one of our results announcements. So
in our pack today we did actually put a chat.
Speaker 1 (01:22):
How do you know then that this time is into.
Speaker 2 (01:23):
Full storm and so this time we've not done any
forecast based on green shoots. All of our guidance has
been based on the economy as we see it today,
and that's an improvement on last year.
Speaker 1 (01:33):
Okay, what's going on with revenue or radio? I see
the revenues up.
Speaker 2 (01:37):
Yes, indeed, so for the first time in some time,
we've seen terrestrial radio increasing as well as digital radio increasing.
We've seen our overall revenue market share come back to
where it has been previously, and we're doing some really
neat things around audience. You'll hate to hear this, but
you know I heart Country New Zealand.
Speaker 1 (01:54):
I don't hate that at all.
Speaker 2 (01:56):
Why would I hate I don't know.
Speaker 1 (01:57):
You, I know what's going on. You're looking at me
and you're going, I'm too cool to like country.
Speaker 2 (02:02):
That was it?
Speaker 1 (02:03):
Thank you. I appreciate that. Excellent, and yet I'm not
that cool at all. Now tell me how much did
you spend on the lawyers and stuff for fighting off
the board takeover it.
Speaker 2 (02:12):
Well, it was a small portion of our one off.
So you will have seen during the.
Speaker 1 (02:15):
Period read at the start like it was millions.
Speaker 2 (02:17):
It's exactly right, that's right. So some people have misreported
that today actually that there was five million dollars of
one offs associated with that. I can tell you it
was less than a million dollars, and it's million dollars
we prefer not to spend, obviously, So without that five
million dollars of one off, which included you know, well,
I think you know, it brought some clarity to the
business that's being changed at the board. Our shareholders obviously
(02:38):
wanted change, and it's working really well for us today.
Speaker 1 (02:42):
I think that the shareholders who were behind that may
regret that given that they now realize the cost of it.
Speaker 2 (02:48):
Look, I can't talk for them because I would, and.
Speaker 1 (02:51):
There's a lot of money to have squandered on something
like that. Tell me how the sedatorial board is going
to work?
Speaker 2 (02:55):
Well, I great news is I think Murray Kirknis, who
runs our newsroom here, been intimately involved in designing the
charter of the editorial Board, as has our board. It
reports to the board, is in an advisory fashion. It
has no executive influence as such. And the great news
is that Murray and I are able to be part
of those meetings while we don't specifically sit on the board.
(03:16):
So I think it's a really good way to bring
different perspectives, different voices.
Speaker 1 (03:19):
I mean, it sounds like can tell me if I'm wrong,
But it sounds like what they're going to be doing
is basically just listening to the radio, reading the papers,
and then coming at you and saying, look, we think
that maybe this is not working. All that is working
so kind of informal like that, I.
Speaker 2 (03:31):
Think it is. But they'll I think they'll take a
much more long titudor view of what have we been
talking about for the last three years, five years, ten years.
Are we covering topics good enough?
Speaker 1 (03:41):
Right? So they may come to you and say, hey,
this is a really big issue that you are not
covering at all, and you should be.
Speaker 2 (03:46):
Absolutely And you know, I think it can be quite
easy at times. Sometimes we can be focused on the
here and now. So if you've got some people standing
back with a little more time coming and giving advice,
I think that's really helps.
Speaker 1 (03:56):
Is this a political leaning thing?
Speaker 2 (03:57):
Absolutely not. The Charter and I'm not sure if we
had a chance to read it says it must be
from diverse backgrounds and that's political spectrum as well.
Speaker 1 (04:05):
What I mean is is it possible that for a
long time, I think the criticism has been fair that
many media outlets, and I'm not going to name anybody,
but the many media outlets have allowed themselves to become
perhaps overly caught up in what we would consider to
be quite left wing views or woke views. Some would say,
is it possible that they will come to you and say,
(04:26):
you know, hey, you guys are going down this particular
path and that's not a good path to go down.
Or balance it out.
Speaker 2 (04:31):
Yeah, I think they could definitely give some perspectives of
what we're covering, on what we're not and are we
being balanced and everything. But I think the other thing
is you will have seen from some of the recent
research by Curia that says we are the most balanced
of all media, and so that's something we should hold
our heads proud with.
Speaker 1 (04:46):
Yeah. Absolutely, Now what about the situation with herold? Now,
how's that going? You pleased with it?
Speaker 2 (04:51):
Very pleased with it. So we're seeing really strong take
up not only on our own platforms, but certainly externally
as well. So obviously on the Herald website, see it
a little harder to see on the Herald appen. We'd
like to improve that experience.
Speaker 1 (05:04):
Actually, that's a good point.
Speaker 2 (05:05):
Yeah, But we're seeing huge take up on YouTube, for example.
Are you so many people sitting at home?
Speaker 1 (05:10):
What are people doing? Are they going back and watching
the interviews again.
Speaker 2 (05:12):
They are, or even watching it live.
Speaker 1 (05:14):
How many people have you got sitting down over their
breakfast watching it on their laptop?
Speaker 2 (05:18):
I think you would see there would be many, many thousands.
Speaker 1 (05:22):
Are you being deliberately a bit vague here?
Speaker 2 (05:24):
I am confidential?
Speaker 1 (05:25):
Fair enough? Okay, where are we at, by the way,
with the Google and the Facebook guys, paying for news.
Speaker 2 (05:29):
There's nothing more we're doing at the moment. You know,
I think the New Zealand government's very focused on what's
happening in Australia and likely to be a fast follower. Yeah,
so we'll have.
Speaker 1 (05:38):
To first watch what they do. We're not going to
do anything until then, and then we might follow them
very quickly.
Speaker 2 (05:43):
Absolutely.
Speaker 1 (05:44):
Okay, Now, Bogxley, tell me when you think everybody's going
to feel better about the economy, Like, I mean, it's
one thing to talk about green shoots and and things
turning around in the big advertisers coming in, but what
about the average guy out there? When is he going
to feel better?
Speaker 2 (05:57):
Maybe you you get more commentators in here than I
do every day to about that. You know, we've been
playing a part of our role in the last few months.
We've written over or just under sorry, five hundred stories
titled on the app trying to tell good news stories
about what's happening in business.
Speaker 1 (06:11):
Is it working?
Speaker 2 (06:12):
And I think people are going Actually those are really
good stories. We've seen communities engaging in them and people
going we just like more of that things.
Speaker 1 (06:20):
Boxy, It's good to talk to you. I really appreciate
your time. Thank you so much. Michael Boggs, Chief Executive
e ended.
Speaker 2 (06:25):
Me for more from Heather Duplessy Allen Drive. Listen live
to news talks. It'd be from four pm weekdays, or
follow the podcast on iHeartRadio
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