Australia’s oldest newswire company lost $10 million in the year before it was sold in an eleventh hour rescue deal, according to documents filed with the corporate regulator.
The annual financial report from Mediality (previously known as Australian Associated Press) reveal the parlous financial position it was in before major shareholders Nine Entertainment Co and News Corp Australia moved to close it down.
When AAP staff were informed in March about the closure of the newswire, the company was already on track to make a large financial loss.Credit:Phil Carrick
AAP’s core newswire service…
