New Zealand – Television New Zealand (TVNZ) has acknowledged an advertising revenue loss and is taking steps to cut US$12.5 million from its budget. The public broadcaster said that even though it produced profits for a half-year result, the impact of the global economic recession caused changes in market trends and the willingness of advertisers to spend on advertising. TVNZ has said that the current revenues are about 10 percent below budget – an average annual shortfall of US$15 million. CEO of TVNZ Rick Ellis said its budget reduction might involve job cuts but this would not be decided until the executive team had discussed the situation with 50 senior staff to identify all possible options.