After struggling financially, Industry Super Holdings is selling Crikey to Solstice Media. The deal, expected to finalize by the end of the year, comes as Crikey has been shedding staff and facing challenges with advertising revenue and tech giant funding.
is shedding staff as its owner gets ready to offload the publication, with a deal expected to be finalised by year’s end.owner, Industry Super Holding – the superannuation sector’s collectively held investment arm – put the publication on the market earlier this year, saying the loss-making publication was finding it harder to keep itself afloat.at present through its subsidiary Motion Publishing, is in pole position to buy the publication, which has been steadily cutting staff.
Eight positions have been made redundant, while a handful of staff will be offered new roles, Motion managing director Paul Hamra said. Several others have left the organisation recently.’s owner, Industry Super, wants to sell it.going, as we have set it up 10 years ago,” Hamra said.
Guthrie said Solstice may also find it easier to ask for donations and financial assistance from philanthropists, who in the past were reluctant to provide funding given the site was being backed by wealthy industry super funds. Online news publications grew amid a healthy digital advertising sector, but this has since collapsed in Australia. A weak advertising market for traditional media overall is a key reason behind mass job cuts at News Corp and Nine, the owner of this masthead. It was also the central reason behind Pedestrian Group shuttering its local outposts for titles including
Crikey Industry Super Holdings Solstice Media Media Sale Financial Struggles
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