NZME has requested all staff on a salary of more than $50,000 per year take a 15 per cent pay cut for 12 weeks.
This comes as New Zealand media continues to struggle with the impact of Covid-19 on the advertising market.
"With the Alert Level 4 lockdown in place, NZME is expecting April 2020 advertising revenues to be approximately 50 per cent lower than April 2019," NZME chief executive Michael Boggs said in an NZX announcement today.
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"While it remains impossible to predict with any accuracy the impact of the pandemic on NZME's full-year financial performance, it is anticipated that revenue will be significantly down on the corresponding period in 2019."