Nine CEO Hugh Marks and Australian News Channel CEO Paul Whittaker said the partners had made the closure decision as the revenue model had proved more difficult than envisioned and not delivered to expectations.
This was due to a number of factors that could not be rectified in the short term.
In a joint statement, Marks and Whittaker thanked Your Money staff for their commitment to an innovative and ambitious venture: “We have enjoyed a strong partnership with this joint venture but unfortunately we are unable to maintain its continuing operation.
“Market and technical circumstances have proved too challenging. Our thanks to the Your Money team – the quality of the people who brought this channel to life is extraordinary and they have given it their utmost commitment and professionalism.”
Your Money CEO Kylie Merritt said it had been a privilege to lead Your Money through such a bold project: “I am proud of what we achieved and I thank every member of the team for the work they did, the stories they told and their incredible devotion to the project.”
Where possible the joint venture partners will seek to redeploy staff within their respective businesses.
Nine and Australian News Channel both reinforced the importance of business journalism and their commitment to its future: “We both have an important role in providing expert news, commentary and analysis of business and will now consider how we optimise our talent and platforms to continue to deliver that to Australia.”