News site New Matilda facing second closure next week

The independent political commentary website New Matilda is facing closure for a second time after failing to make enough money to sustain itself.

This afternoon founder Marnie Cordell posted an article on the site saying it is set to close next week because it “can’t afford to compete with our larger competitors for staff and writers”.

She said: “Late last year I decided it was time to hand the site on to the next generation of editors and since January I haven’t been taking a regular wage. Instead, I’ve been investing the income from our paid subscribers into our younger staff, with the hope that this would give NM its best chance of survival into the future.

“However, recently key staff have been poached by outlets that are able to pay much more than we are. That’s put NM in a position that it can’t recover from. It’s time for me to move on to a more stable job. I can’t afford another year.”