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Industry Super Selling Crikey as Staff Cuts Continue

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Crikey,Industry Super Holdings,Sale

Industry Super Holdings is selling Crikey, the Australian news publication, as it prepares to finalize a deal by the end of the year. Crikey's staff has been steadily declining, with eight positions made redundant and several others leaving recently. Motion Publishing, a subsidiary of Solstice Media, is in the lead to acquire Crikey. The sale comes after Industry Super Holdings stated that the loss-making publication was struggling to remain afloat.

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

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