Australian television pioneer Reg Grundy is disappointed with modern TV, especially reality shows, which the 87-year-old rates as "very poor".

In his first television interview, Mr Grundy lamented the state of telly in 2010.

Widely regarded as the king of Australian gameshows, Mr Grundy said money now seems to take precedence over heart and instinct in television production.

"I think that's right, yes," he told the Nine Network on Monday.