The New Zealand Government is advancing legislation aimed at bolstering struggling news media organisations against the rising dominance of social media giants.

The announcement comes amid Newshub's final broadcast and TVNZ's projected financial loss of up to $33 million for 2024.

Media and Communications Minister Paul Goldsmith introduced an amended Fair Digital News Bargaining Bill, designed to prop up negotiations between New Zealand news media and digital platforms. This legislation seeks to secure commercial deals for news content.

However, the bill has faced significant opposition. ACT party leader David Seymour expressed his party's formal disagreement.

"Even its supporters estimate it may only provide $30 million in revenue to all media companies, while TVNZ alone saw its revenue halved last year," Seymour said.

"This bill won't address the core issues plaguing traditional media. It's a desperate attempt by the government to intervene in an industry struggling to adapt and innovate."

Goldsmith defended the bill, highlighting its alignment with the Australian digital bargaining code and the introduction of a ministerial designation framework.

"This will enable the Minister to decide which digital platforms are captured by the bill, ensuring better management of unintended consequences," he said.