The project is canceled: the bosses of the New Zealand show are proposing a cancellation by the end of the year given the difficult media climate

The ax has fallen on the New Zealand project.

According to a report by The New Zealand Herald On Thursday, the current affairs show, which is a spin-off of the Australian version, will be given the nod until the end of 2023.

A Warner Bros. Discovery spokesperson confirmed the shocking news.

“We have begun consultations to close The Project on Three at the end of the year,” the release said.

“Our primary focus is to support our employees as they navigate this process.”

A report in the New Zealand Herald on Thursday said the New Zealand project is set to be scrapped amid a difficult media and economic climate with about 24 job losses. Pictured: presenters Jesse Mulligan, Kanoa Lloyd and Jeremy Corbett

The move will result in a total of around 24 job losses at the network’s Three headquarters in the North Island city of Auckland.

The report also confirmed that The Project New Zealand will not be shown on Thursday to allow staff to digest the shock news.

Broadcaster Three is paying a hefty license fee to use The Project brand, with the axing expected to free up funds for a cheaper news program.

“We have begun consultations to close The Project on Three at the end of the year,” they began. “Our main focus is to support our employees in managing this process.” Pictured: Jesse and Kanoa

Project New Zealand is currently hosted by Jesse Mulligan and Kanoa Lloyd, as well as a number of panelists.

The show was launched in February 2017.

New Zealand networks have suffered numerous cuts this year as the market suffers from difficult economic conditions.

Meanwhile, “The Project Australia” has been the subject of speculation for years that it will be canceled, as ratings continue to decline and there is heavy criticism for its left-wing bias.

However, at Ten Upfronts earlier this month, the Ten channel promised to host the current affairs show for another year and said it would return in 2024.

The move hasn’t stopped talk that the show could be pushed back to a later date to make way for a revamp of the popular game show Deal or No Deal.

Project Australia has now faced years of speculation that it faces the ax after poor ratings and heavy criticism for having a left-wing bias. Hosts Waleed Aly and Sarah Harris can be seen in the picture

Insiders recently leaked news women’s Day magazine that Ten hopes to move The Project from its current 6.30pm position on the schedule to 9.30pm.

Once Channel 10’s flagship current affairs show, things have certainly turned around for the once serious-minded show.

Ratings have fallen steadily over 2022-2023, losing a third of viewers from the national audience over the past 18 months.

The show also lost most of its star power following high-profile departures such as Carrie Bickmore, Peter Helliar and Lisa Wilkinson.

The project also suffered from a loss of star power following a series of high-profile departures, including Carrie Bickmore, Peter Helliar and Lisa Wilkinson. Pictured with Waleed Aly (second, left)