National news agency, the Australian Associated Press announced Tuesday that it will shut down operations in late June. The move will vanquish 85 years in business due to a decline in subscribers and free distribution of news content on digital platforms.
“The saddest day: AAP closes after 85 years of excellence in journalism. The AAP family will be sorely missed,” AAP editor-in-chief Tony Gillies tweeted.
AAP was started in 1935 by newspaper publisher Keith Murdoch, father of News Corp. founder Rupert Murdoch. It is owned by Australian news organizations News Corp. Australia, Nine Entertainment Co., Seven West Media and Australian Community Media.
The agency is known for its fair and impartial reporting and its extraordinary reach across rural and urban Australia.
Like many others, Australian media organizations are also under financial pressure with tech giants like Google and Facebook absorbing huge chunks of advertising revenues. “The unprecedented impact of the digital platforms that take other people’s content and distribute it for free has led to too many companies choosing to no longer use AAP’s professional service,” AAP said in a statement.
The news was announced to staff members on Tuesday afternoon.
