Commerce Commission igloo investigation follows complaints from third parties.

TVNZ chief executive Rick Ellis is leaving the state owned broadcaster to take up a role with telco firm Telstra.

Summer will burn off any “green shoots” of recovery at Television New Zealand, MPs were told this morning,

Appearing before the finance and expenditure select committee, TVNZ executives said there were only a few signs of a pick up in advertising revenue before Christmas – and then, after that, a drought.

“There has been a lift in demand in November and December,” chief executive Rick Ellis told the select committee.

“We seem about to post a year on year growth of about $1000 – that’s how small the increase is.

Tough times at the $100 million technology and education company Renaissance have seen managing director Paul Johnston - one of the best-known characters on the New Zealand IT scene - exit stage left.

On Wednesday, Renaissance revised its full-year profit guidance down from $1.7 million - $2 million to $700,000.

The state broadcaster has reported a dismal after tax profit of just $2.1 million for the year ending June 30, it was revealed this afternoon.

This disastrous result is an 89% decrease on the previous financial year’s result. Television New Zealand (TVNZ) reported total revenue of $383.8 million, a slight decrease on last year’s $392.3 million.

Operating earnings came in at $10.1 million for financial year compared to $27 million in the previous financial year. The broadcaster’s debt increased form $27.7 million to $36.2 million this year.

Yahoo might have just posted another dismal worldwide result, and announced plans to dismiss 5% of its workforce (some of whom are “not f****** doing anything”, according to sailor-mouthed new chief executive Carol Bartz).

But figures filed with the Companies Office show that Yahoo!Xtra had buoyant time of it on the New Zealand market.