[Lightspeed]

I expect TVNZ's value to drop in the medium term. If they're being asked to align themselves more with RNZ's practices.

Our commercial media is complaining they'll lose if they have to compete with TVNZ/RNZ, which I think is true in the long term. But in the short-medium term, during the period TVNZ drops some of it's more lucrative advertising while it tries to find more socially responsible alternatives, the commercial media is going to be able to pick up the slack, exploit its free hand.

Altho I confess I have no real idea of how big a footprint TVNZ has on the commercial landscape, but I assume it's significant if private organisations are complaining.

In the long term I think there's a question of how we actually measure the value of these entities. I'm pretty sure there are any number of things in NZ worth $67m that the country would see burn before we lost the broadcaster.