A consortium of investors and philanthropists led by Peter Tonagh, Nick Harrington, Geoff Wilson and John McKinnon agreed to acquire Australian Associated Press Pty Limited from Nine Entertainment Co. Holdings Limited (ASX:NEC), News Corp Australia Holdings Pty Limited and others for AUD 1 on June 5, 2020. On June 29, 2020, a formal agreement was signed. Under the terms of the transaction, 85-95 jobs will be available to Australian Associated Press' staff. Around 70-75 editorial positions will be offered by the new owners, along with other management, IT and support roles. Staff will begin to be transferred immediately. There will be few job losses as well. A binding sale contract is expected to be signed by the middle of June 2020. Emma Cowdroy will be the new Chief Executive Officer of Australian Associated Press Pty Limited. Australian Associated Press Editor-In-Chief, Tony Gillies will not be joining the new venture as part of leadership team. Tony Gillies will remain until July 31, 2020. As of June 14, 2020, this deal is expected to be finalized in this week. As of June 29, 2020, the deal is expected to be finalized ahead of settlement on July 31, 2020. TMT Partners Pty Limited acted as financial advisor to Australian Associated Press. A consortium of investors and philanthropists led by Peter Tonagh, Nick Harrington, Geoff Wilson and John McKinnon completed the acquisition of Australian Associated Press Pty Limited from Nine Entertainment Co. Holdings Limited (ASX:NEC), News Corp Australia Holdings Pty Limited and others on August 5, 2020.