The Global Mail faces closure after Wood withdraws funding
The Global Mail faces the closure of its online operation after its philanthropist funder withdrew his financial commitment for the website
Businessman Graeme Wood had pledged $15 to $20m to fund the site over five years with a financial commitment of $3m to $4m a year when it launched in February 2012.
The philanthropic venture meant there was no advertising on the website, however the site failed to build a large enough audience to build a financial model around the site, beyond donations, and there has been wide speculation about its closure since Wood committed funding to The Guardian Australia in July.
However, The Sydney Morning Herald reports Wood announced to staff in an email yesterday that he was no longer going to fund the site and that he would move to close on February 20 with the publication’s staff of 21 to be made redundant.
1. second-last par: “Its journalism”, not “It’s journalism” #InnerSub
2. Dear oh dear, those over-paid former Fairfax scribes plus other over-paid legends in their own lunchtime will once again be faced with harsh reality – unless of course they can hitch a ride on that other gravy train The Conversation.
A shame, but it never played in the real world. Let’s hope some of its star writers can be picked up elsewhere, especially Mike Seccombe.
I’m not surprised. The Global Mail produced some quality journalism, but simply not enough to attract a regular audience to its website.
Oh dear all the luvvies who thought the the SMH was not left enough will be in their cups. As for Mike Secombe, he can apply at The Converstion
Sub editors please note: ‘It’s’ is an abbreviation for ‘It is’. The possessive form, which should have been used in the article, is ‘Its”
At the same time the The Global Mail was having long lunches Wotif’s marketing budget was under-resourced – when they needed funds to fight off new competitors Expedia and Booking.com. Wotif’s share price has halved in the last month, and so has Wood’s fortune. Should have looked after his cash cow before indulging in publishing playthings.
Hmmm. Opinion does not pay? Who’d have thunk? The Oz must be looking at this and thinking: thank God Rupert is alive and loving his relentless bullying. But how are folk at the Oz’s bastard child feeling/ Queasy at all Mr Stuch?
Is this the sideways one? That was hard to read?
Yes, off to the Conversation to keep the love-in party rolling via money far better spent on facilities and research.