As the Sydney Morning Herald reported this morning, Business Insider Australia is set to close, following the parent company’s decision to liquidate the local publishing license, currently held by Nine.
After an 11-year “exclusive representative” agreement with Nine, and formerly Allure Media (Fairfax), the licensing agreement with publisher, Insider Inc will change in March.
A spokesperson for Nine told Mumbrella that Pedestrian Group, which currently hosts Business Insider Australia, and Insider are “pursuing a business agreement” that would see Nine continue to market its inventory locally and “through Insider more broadly.” “.
“We look forward to working with our valued partners at Insider Inc in this new capacity.”
Mumbrella understands that the outcome of the “world-led decision” comes at the expense of three local newsrooms.
Nine said he strives to find roles within the Pedestrian Group “and the wider Nine Group” that match their talents.
Following the renaming of Business Insider to Insider globally in 2021, the dedicated Business Insider Australia website and team will cease to exist.
As a result, commercial coverage, including extensive coverage of Asian and Australian markets, will be led by Insider’s Singapore-based APAC office.
SMH reported that according to “industry sources familiar with the decision” speaking anonymously, the decision is also expected to be implemented in other markets where Insider has a presence.
Shortly after the merger of Nine and Fairfax Media, former editor and publisher of Business Insider Paul Colgan resigned after six years. The merger saw Allure Media, the parent company of Business Insider, merge with Pedestrian.
Nine decided to merge the two companies after acquiring Fairfax Media, which was followed by the departure of Allure Media CEO Jason Scott, as well as several other layoffs.
Insider Inc is owned by German digital publisher Axel Springer.