AAP Newswire and FactCheck expected to be sold and remain open
After initially planning to close the Newswire, a white knight seems to have been found
CEO of Australian Associated Press (AAP) Bruce Davidson has emailed AAP staff advising that a consortium of impact investors and philanthropists, including former News Corp CEO Peter Tonagh, have reached commercial terms and will now enter negotiations to complete a binding sale contract by the middle of June 2020.
The expected sale is likely to see job losses, however around 70 - 75 editorial roles are likely to be offered by the consortium, with 85 - 95 roles available in total, as well as freelance and contributor opportunities.
The consortium will also continue the AAP FactCheck service.
Bruce stated he "had several discussions with members of the consortium and... can report that they are very committed to the continuation of the Newswire. They see this as a philanthropic venture and will have the patience to work on new commercial opportunities to aim for long-term viability."
The AAP Board has decided to keep the Pagemasters, Racing, Medianet, Mediaverse and Directories business, which will continue to operate under the current shareholding.