Australian national news agency sold in binding agreement | World News

The new AAP will be run as a not-for-profit entity. There will be jobs lost, but numbers have not been announced.

AAP’s chief executive will be Emma Cowdroy, who has previously worked as AAP’s senior legal counsel. AAP editor Andrew Drummond will keep his job.

The consortium has bought the news wire text and image service including the full archive of stories and images and the fact checking service. It has also bought the AAP brand, which will remain in use.

Other parts of the AAP business remain the property of existing shareholders.

The consortium has not revealed a sale price.

Newspapers owned by AAP shareholder Nine Entertainment Co. reported this month that the price would be one Australian dollar (69 U.S. cents)

Outgoing AAP Chairman Campbell Reid, a News Corp. Australia executive, paid tribute to the professionalism of AAP’s more than 170 staff over recent months.

“You have all stayed true to the spirit that the news is published no matter what, and this stands the news wire in great stead as it begins its next chapter,” he said.

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