Sold! AAP Finally Finds New Owners, But Says Job Losses Still On The Cards

Sold! AAP Finally Finds New Owners, But Says Job Losses Still On The Cards
SHARE
THIS



The future of the Australian Associated Press (AAP) newswire has been secured after a deal was struck by a consortium of media players and philanthropists to buy the 85-year-old news service overnight.

The consortium was led by Nick Harrington and included philanthropist John McKinnon and former Foxtel CEO Peter Tonagh who said they were driven by a desire to retain Australian media diversity.

A deal was struck last night with with current shareholders that included Nine and News Corp and is expected to be settled by July 31.

Other parts of the AAP Group will be retained by the current shareholders. This includes Medianet, Mediaverse, AAP Directories, Pagemasters and Racing operations.

The buyers said in a statement of its motivation to purchase the business that it had “a desire to protect media diversity in Australia through ensuring the long-term sustainability of the AAP newswire and its provision of independent, quality journalism on issues that should matter to all Australians”.

It has said its services will continue pretty much as per usual but the consortium had previoulsy said in a slimmed down version that would result in some job losses. Although exact numbers and from where have not been detailed.

The new-look AAP will be run by CEO Emma Cowdroy (main photo) and editor Andrew Drummond and will continue to produce content including breaking and world news, sport, court and political reporting, plus photography, while its and FactCheck service would remain.

Cowdroy commented on the sale: “Fast, factual reporting, objective news and geographical reach to all corners of Australia, is our DNA.”

Outgoing AAP chairman Campbell Reid, on behalf of the board, paid tribute to the professionalism of staff over some trying times in recent months.

“You have all stayed true to the spirit that the news is published no matter what, and this stands the newswire in great stead as it begins its next chapter. The board wishes the new team every success,” Reid said.

 

 

Please login with linkedin to comment

AAP

Latest News

“We’re In Big-Bang Readiness”: Flight Centre To Ramp Up Media Buying Activity
  • Advertising
  • Marketing
  • Media

“We’re In Big-Bang Readiness”: Flight Centre To Ramp Up Media Buying Activity

Flight Centre Travel Group is anticipating some of its biggest years of growth as Australia’s vaccination rollout gains momentum, travel restrictions ease and international borders start re-opening. With travel industry leaders forecasting unprecedented demand for both domestic and international travel as the world moves into a phase of post-COVID management, Flight Centre Australia general manager […]

Acast Announces New Podcast ‘The Elements’
  • Media

Acast Announces New Podcast ‘The Elements’

From the audio producer of The Teacher’s Pet comes The Elements, a new Acast Creator Network podcast hosted by Thredbo survivor Stuart Diver. The Elements is a  podcast that journeys into the heart of surviving a natural disaster and will be hosted and distributed by the creator-first podcast company Acast as part of the Acast Creator […]

Herd MSL Announces Foxtel Account Win
  • Advertising
  • Marketing

Herd MSL Announces Foxtel Account Win

Comms agency Herd MSL announces Foxtel win. Forgoes office party poppers on account of the new $1300 Dyson cordless vac.

DoubleVerify Launches Enhancements To Brand Safety And Suitability Solution
  • Technology

DoubleVerify Launches Enhancements To Brand Safety And Suitability Solution

DoubleVerify has today announced enhancements to its brand safety and suitability solution that include the introduction of DV’s Brand Safety Floor as a turnkey option, extending Brand Suitability Tiers on YouTube, and more. Available to both advertisers and publishers since January 2021, Brand Suitability Tiers allow brands to align suitability settings with their own unique standards, […]

Aimee Buchanan Lands GroupM CEO Job
  • Media

Aimee Buchanan Lands GroupM CEO Job

Aimee Buchanan quits OMD to take up GroupM CEO role. Leaving gift ideas include mounted moose head & ALDI traffic cones.

Retired Marketing Man Andrew Piccoli Speaks About His Children’s Book ‘Dexter The Dahu’
  • Marketing

Retired Marketing Man Andrew Piccoli Speaks About His Children’s Book ‘Dexter The Dahu’

Andrew Piccoli spent his career overseeing some of Australia’s most memorable ad campaigns. Now, he has turned his attention to a particular area of passion: children’s literature. Now retired, Piccoli spent the COVID-19 lockdown writing the story of Dexter the Dahu for children aged between five and nine. He has donated a copy of the charming […]