Philanthropists Save Australia's AAP Newswire From Closure
Faizan Hashmi 15 days ago Tue 30th June 2020 | 08:50 AM
Sydney, (UrduPoint / Pakistan Point News - 30th Jun, 2020 ) :The Australian Associated Press has been acquired by a consortium led by philanthropists, saving the newswire from closure at the 11th hour.
"We feel the best way to do this is to ensure the long-term sustainability of the AAP Newswire and its provision of independent, quality journalism on issues that matter to all Australians," they wrote.
"We believe that this has never been more important to Australian society and were concerned about the impact that AAP's closure would have had on independent journalism, on jobs and on the viability of new entrants to the media space." In March, major shareholders Rupert Murdoch's News Corp and broadcasting and newspaper group Nine Entertainment pulled out of the wire in a surprise decision that fuelled fears of further concentration of Australia's media.
The newswire will continue to operate under the AAP brand, with Emma Cowdroy, currently the firm's top legal adviser, stepping in as CEO and Andrew Drummond continuing as editor.
AAP's rescue comes as the Australian media industry struggles with dwindling revenues. News Corp ceased printing more than 100 regional and local newspapers Monday, blaming a collapse in advertising made worse by the coronavirus pandemic.