Private-TV Shares Sought By Time-Life

Press, Volume CVI, Issue 31169, 20 September 1966, Page 1

Private-TV Shares Sought By Time-Life

(New Zealand Press Association) AUCKLAND, September 19. Two major United States broadcasting and television companies—Time Life Broadcasting, a wholly-owned subsidiary of Time-Life Inc., and the National Broadcasting Corporation, a wholly-owned subsidiary of the Radio Corporation of America —want to participate as shareholders in the private television stations planned by the New Zealand Television Corporation, Ltd., Auckland, said its chairman (Mr G. A. Woolier) today. Mr Woolier is managing-director of Pye, Ltd., in Auckland.

A third United States company, the Columbia Broadcasting System, is also showing interest in the application of the new corporation for permission to establish private television and radio in New Zealand, he said.

Mr Woolier said it was envisaged that these overseas interests would subscribe £1 million to the £2.5 million capital of the new company. The New Zealand public would be invited to subscribe a further £1 million as shareholders, with the remaining £500,000 coming from other interested groups. These include the press, the cinema and television industries and other trade interests. His company would also be interested in some British participation. Mr Woolier emphasised that overseas participation would eliminate any drain on New Zealand’s overseas funds. An Auckland firm of sharebrokers has indicated that it was prepared to underwrite the £1 million to be issued to the public. The New Zealand Television Corporation, Ltd., was formed in 1954 with the capital of £lOO. The shareholders are Mr Woolier and another.

The pirate radio ship Tiri was still tied up at the Western viaduct lighter basin today. She was held in port today by a detention order signed by the Minister of Marine (Mr Scott). Survey procedures usually take at least two to three weeks. The district surveyor, Mr A. Wall, was not available to say when he would begin the survey. Radio Hauraki directors

would not comment on the situation today. The Minister of Broadcasting (Mr Scott) tonight said that the proposed New Zealand Television Corporation, Ltd., could be regulated by the News Media Ownership Act. The act specifies that in every news company (any

company operating a private broadcasting station or publishing a newspaper) the voting power of any one member domiciled outside New Zealand is entitled to exercise cannot exceed 15 per cent of the total voting powers. The Minister told reporters he was sure this provision would be applicable to the New Zealand Television Corporation.