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‘Officially saved’: AAP’s last minute deal

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A consortium of philanthropists and investors on Monday finalised a deal with current shareholders, including Nine and News Corp, to purchase Australian Associated Press which has been operating for more than 85 years.

Following an announcement in March that the newswire would close, the consortium was concerned about the impact on Australian journalism and shared a desire to retain the agency.

“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,” the group said in a statement of its motivation to purchase the business.

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The consortium, led by Nick Harrington, is made up of a number of people including philanthropist John McKinnon, and has been supported by senior media executive Peter Tonagh.

The new-look AAP, directed by CEO Emma Cowdroy and editor Andrew Drummond, will continue to produce content including breaking and world news, sport, court and political reporting, plus photography and a FactCheck service.

The @AAPNewswire is officially sold! New newswire to begin on August 1 with 85 staff. Things to operate as is until then.
AAP has officially been saved. #SaveAAP

— Scott Bailey (@ScottBaileyAAP) June 29, 2020

Just in: AAP has officially signed off on a formal agreement to sell the newswire to a consortium of impact investors and philanthropists. It will launch on August 1. #saveAAP

— Benita Kolovos

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