Secret suitors interested in buying entirety of AAP
19 March 2020, Written by David Simmons
Though details are very much under wraps, AAP has confirmed it is in early talks with a potential buyer of the entire business.
In a letter to staff and AAP subscribers general manager of Medianet and AAP Directories Sarah Higgins confirmed the company has received approaches from several potential suitors interested in buying the whole business.
The proposed acquisition would see the new owner control the entire AAP operation including the Newswire, Pagemasters and Medianet.
"This development is at an extremely early stage so I cannot provide any certainty around the future ownership of AAP and subsequently Medianet," says Higgins.
"As we assured you in the initial email about the closure of AAP, Medianet will continue on unchanged. I am incredibly proud of the efforts of my team who have not missed a beat since the initial announcement was made. They have showed up every day and have continued to offer you the great service you have come to expect.
"It is truly an incredible, unprecedented time in our world's history and even more so in our little AAP universe."
AAP announced in early March that it would close news and content distributor Newswire in June after 85 years of operation.
At the time, CEO Brice Davidson said the business was no longer viable in the face of increasing free online content.
Many lamented the potential loss of Newswire which AAP chairman Campbell Reid described as "journalism's first responder".
The news comes as a number of journalists have been made redundant and reporting resources shuffled around.
Nine is creating an extra late-night edition of 9News and shutting down regional bulletins in Darwin, Cairns, Townsville, Rockhampton, Wide Bay, Sunshine Coast TCN, Illawarra, Canberra, Central West, Riverina GTV Ballarat, Bendigo, Albury/Shepparton and Gippsland.
Fox Sports News has made 11 reporters, presenters and producers redundant because of the impact Covid-19 has had on sport competitions nationally.
Business News Australia
Author: David Simmons