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Graeme Wood denies considering pulling loan to Guardian Australia

Updated December 10, 2015 23:30:45

Businessman Graeme Wood has rejected recommendations he is contemplating pulling a multi-million dollar loan to the Guardian Australia on the internet news web site.

There has been speculation that the Guardian is performing financially badly and has been provided two years to enhance.

On December eight, The Australian newspaper reported that the Guardian had till 2018 to turn a profit, before Mr Wood “known as in” his multi-million dollar loan.

The Guardian established its Australian site in May 2013, thanks in portion to a loan from the businessman and environmentalist.

It had been recommended Mr Wood had set a deadline of 2018 ahead of he pulled his investment, but the founder of Wotif has strongly denied the suggestion.

Speaking exclusively to the ABC, Mr Wood was asked whether the site had been given two years to prove commercially viable.

“No, that’s bullshit. In no way,” he stated.

But he would not be drawn on the precise particulars of the monetary arrangement.

“The arrangement that I have with the Guardian is my enterprise and the Guardian’s company, it really is no one else’s business. I am extremely satisfied with it and so are the Guardian,” he stated.

News site unlikely to be turning profit, specialist says

The director of the Centre for Advancing Journalism in Melbourne, Margaret Simons, did not think the news web site was turning a profit.

“I doubt it is producing income however, and my understanding is that they’ve got a 5-year plan to build a sustainable company,” she mentioned.

“Whilst nobody knows for confident what the [on the internet] organization model of the future will be, the Guardian has been considering about this far more creatively and more seriously than most.”

She said she believed Mr Wood’s investment would have been a multi-million dollar contribution, and that Mr Wood saw the Guardian as an investment, as opposed to other earlier projects.

“It [the Guardian] is ahead of its personal targets, ahead of exactly where it believed it would be in terms of both audience numbers and also income,” she stated.

It is understood Mr Wood has no say in the operating of the enterprise.

Although the amount of Mr Wood’s investment is unclear, the ABC understands there is no timeline for the debt to be repaid.

Subjects: journalism, media, internet-culture, australia

Initial posted December 10, 2015 23:08:13

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