Posted November 16, 2018 07:20:52After six years of success, Tg has seen its share price drop by more than $200 million (NZ$280 million) and the company is struggling to turn around its finances.
The company’s latest quarter results show it has lost about 40% of its value and it’s down from the peak of around $9 billion in 2016.
Tg is one of New Zealand’s most successful entertainment companies and is considered one of the country’s most innovative.
Its biggest hit was its hit series “Derek” in which Derek and his pals have to survive an apocalyptic apocalypse in order to save the world from destruction.
“We’ve never had a downturn, there has never been a downturn,” CEO Matt Dolan told reporters in Auckland.
“But it is certainly the first time that we’ve had a period of turbulence in terms of our financial performance and the overall direction of our business.”
He said the business had suffered a series of losses, particularly the sale of its Auckland office.
“It was a very difficult year for us.
We had a series or three of things that we weren’t able to turn things around.”
It’s not just Tg’s loss of cash that has put the company under pressure.
Its business model has also been severely damaged.
Teg said the show was not only financially difficult to make but also a challenge for the company to maintain.
“Derek, which we think has a lot of potential, is one that we have never really had the opportunity to bring to fruition.”
“It took a lot to get it right.
It took a very, very, long time.”
But it was Tg that was the first to make a big gamble on the show, buying it from ABC Television for a reported $200m (NZ£193.8m).
It’s also been a hit with viewers.
Tg is still the third biggest provider of subscription TV in the country, with more than 100 million viewers watching its shows on their TV sets every week.
“This is a show that really appeals to us, and I think people are really, really happy with it,” Dolan said.
“I think that’s a very good indicator for us.”
“That’s why we have so much faith in it.
I think that was an investment in the business.
That’s the way we thought about it.”
Derek has attracted some of the biggest names in New Zealand TV, including the likes of Simon Cowell, the host of the popular sitcom “Babylon 5”.
“Dude is so good,” Cowell said.
“He has a way of making you laugh, he’s got a great sense of humour.
It’s a good show.
He’s a brilliant comedian.
It is absolutely amazing.”
Teg also launched a spin-off series, “Dee Dee,” about the lives of a pair of comedians who make it to the top of the local entertainment industry.
“There’s a great dynamic between the two characters,” Dola said.”[Dee] Dee Dee is a real hard worker, and the best comedian you’ve never met.”
Tg also is set to launch a new reality series, with “The Last Resort,” with actor Jason Lee as a contestant.
“That is a very exciting series, it’s going to be the most exciting series of reality shows I’ve ever seen,” Doolan said.
“I really like the fact that it’s a new format, it is going to have a really positive and positive impact on the industry.”