Sale of AAP formalised

THE SALE of Australian Associated Press (AAP) to a consortium of impact investors and philanthropists has been formally completed, ending 85 years of ownership by Australia’s major publishing groups.

The national news agency will continue to provide a trusted breaking news service with a team of journalists and photographers, most of whom have joined the new organisation from the legacy business.

The AAP name and brand will be retained.

New AAP CEO Emma Cowdroy welcomed the finalisation of the agreement.

"The successful sale has ensured that AAP has not only survived but that it now has the opportunity to thrive," Ms Cowdroy said.  "Our backers and the board are united in our determination to continue AAP's critical role as the source of truly independent news for all Australians. 

"The value of independent journalism for the benefit of our society has never been more important and the new-look AAP will be underpinned by this philosophy."

Bruce Davidson, the outgoing CEO after 10 years in the role, wished the new owners every success.

“The legacy of the news agency is in good hands and I’m delighted that the spirit of AAP will live on into the future.”

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