Media Insider: Revealed – TVNZ’s new chairman is a no-nonsense corporate dealmaker

In a surprise move revealed by the Herald last week, Carruthers is leaving the role eight months early.

Approached for comment earlier, Barclay did not wish to speak to the Herald. He could not be contacted today.

Business sources describe Barclay as a “hard-nosed dealmaker”.

Goldsmith said today in his announcement: “His background equips him with the skills to provide continued strong oversight of financial performance and strategic decision-making, which are critical for a commercially focused public broadcaster like TVNZ.”

In May, BusinessDesk revealed Barclay was stepping down as Goldman Sachs’ New Zealand managing director and chief executive after 26 years with the firm, the last 19 as boss.

The Australian Financial Review described him in May as “Mr New Zealand”. BusinessDesk reported that Barclay was “understood to have been looking to step back from his leadership of one of Goldman Sachs’s smaller global offices, where his reputation saw him guiding some of the largest public and private market deals of recent years”.

Goldsmith has been overhauling the boards of both TVNZ and RNZ over the past 12 months.

Barclay has an extensive commercial background but no media experience. Nevertheless, he joins a board that also has broadcaster Paul Henry and former Sky chief executive John Fellet as directors.

Goldsmith appointed Fellet to the board in September last year and Henry in July this year.

TVNZ’s studios and headquarters in Auckland and (inset) current chairman Alastair Carruthers.

The Government has been clear that it wants TVNZ, which is funded through advertising revenue, not taxpayer funding, to start returning dividends to the public coffers.

The broadcaster recently announced a dividend for its 2024-25 financial year – the first time in three years.

The Government has also wanted TVNZ to build its trust levels. In various surveys, the company has always been at or near the top of the most trusted news organisations, but the Government has wanted improvements.

Both NZ First and Act have made no secret of their displeasure about various aspects of the public broadcasters’ newsgathering and broadcasting efforts.

Both broadcasters, in turn, have defended themselves from any accusations of bias. TVNZ last week released a summary of an independent review that stated there was “no evidence of systemic bias or lack of impartiality in 1News’ reporting”, but it is so far declining to release the full review.

Barclay’s dealmaking

In May, Business Desk listed a number of the deals involving Goldman Sachs under Barclay’s leadership including:

The Meridian Energy initial public offering (IPO) in 2013 netted $1.88 billion for the New Zealand Government in a partial privatisation. The Z Energy IPO, also in 2013, raised $840 million for Infratil and the New Zealand Superannuation Fund. The $75m listing of Synlait Milk (2013). The 2014 sell-down of the Government’s stake in Air New Zealand from 73% to 53%, raising $365m. Advising Infratil on a prospective takeover by the Australian Superannuation Fund. Advising on the sales of Tilt Renewables, Fonterra’s China Farms, and A2’s purchase of Mataura Valley Milk. Auckland International Airport’s $1.2b Covid-era capital raise and a $157m placement for Sky Network Television.

BusinessDesk’s Pattrick Smellie reported that Barclay has been at Goldman’s NZ operation since 1999 and became managing director in 2006.

Smellie reported close associates as saying Barclay was never made partner, “perhaps because of the New Zealand office’s relatively small size”.

“His deal-making skills were seen as a key element in Goldman maintaining an New Zealand operation. He was, for years, the go-to adviser for Guinness Peat Group’s Tony Gibbs, much to the frustration of the rest of the New Zealand investment banking community.”

Carruthers did not return calls last week about his early departure but on Thursday night said in a text message: “I am sorry, but I am not going to comment. This is a matter for the minister. There are good things to say about my time at TVNZ and they are covered in our annual report, which will be tabled in Parliament very soon.”

Goldsmith today thanked Carruthers for leading the TVNZ board since July 2023.

What can TVNZ expect?

TVNZ broadcasters (from left) Hilary Barry, Simon Dallow, Jenny-May Clarkson, and John Campbell; and Campbell’s recent interview with David Seymour. Photos / TVNZ

Expect a far more pointed commercial approach from TVNZ under Barclay and the other recently appointed directors – and perhaps even more scrutiny on its news operation.

TVNZ has already embarked on its five-year digital strategy with new technology and an all-of-company transformation in which the broadcaster aims to turbocharge its digital audiences and revenue.

It enters the pay-television space next year, taking on Sky TV in a far more competitive environment for sports rights. TVNZ has already won the Football World Cup rights over Sky – expect an even harder-nosed competitive approach under Barclay and the revamped board.

Editor-at-Large Shayne Currie is one of New Zealand’s most experienced senior journalists and media leaders. He has held executive and senior editorial roles at NZME including Managing Editor, NZ Herald Editor and Herald on Sunday Editor and has a small shareholding in NZME.