Sold! AAP To Be Picked Up For $1

Sold! AAP To Be Picked Up For $1
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The AAP deal will be finalised this week according to reports, with a consortium led by former News Corp Australia and Foxtel chief executive Peter Tonagh set to pick up the newswire.

‘AAP 2.0’ will operate as a trimmed-down service, expected to keep around 85 to 95 of the current 180 staff.

The Herald is reporting the Tonagh-led consortium will purchase AAP for $1.

Despite the price tag, the consortium is expected to invest heavily into the newswire, with the aim of turning the agency into a profitable operation.

“We are making good progress on the formal sale agreement and its various terms and conditions. Unless a major roadblock appears, we are hopeful of signing mid next week,” AAP chief executive Bruce Davidson told his staff on Friday, according to the AFR.

A “substantial announcement” is expected this week.

AAP is currently owned by Nine, News Corp, The West Australian and Australian Community Media.

In March the newswire announced it would shut after 85 years, blaming  the “unprecdented impact of digital platforms that take other people’s content and distribute it for free”.

However, redundancies were soon put on hold as potential buyers emerged.

 

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