The New Daily acquired by Solstice Media

December 16, 2024 12:32

The acquisition of super-funded news publication, The New Daily, is complete.

Solstice Media confirmed that Industry Super Holdings has agreed to the sale which will see the publication join a stable that already includes InDaily, CityMag and The Weekend Edition.

“The New Daily has continued to provide value for industry super funds throughout Industry Super Holdings’ ownership and has been an important and cost-effective avenue to communicate to members,” Solstice Media and Industry Super Holdings wrote in a joint statement.

“A process is now underway for a smooth transition from Industry Super Holdings and Solstice Media and readers will continue to receive the publication it has been enjoying for the past 11 years.”

Solstice Media managing director, Paul Hamra, added: “As a sector, it could not be a more important time for independent media.

“Independent, trusted journalism and information is vital.

“Solstice Media will continue to search for revenue and funding models that support this aim. I am confident that they are out there. There are a lot of people who support independent media.”

The New Daily launched in 2013 with an unorthodox ownership structure comprising of six super funds: AustralianSuper, HESTA, LUCRF, United Super, First Super, and Cbus. It was helmed by former Herald Sun editor, Bruce Guthrie.

By June 2016, Industry Super Holdings became the sole owner of The New Daily, with its “commercial investment” becoming profitable by FY16, albeit by just $14,000.

The group confirmed it was looking to offload the publication in August, citing the loss of Meta payments under the news bargaining code.