The AAP is in the final stages of a sale of its Newswire to a consortium of impact investors and philanthropists.

The new owners will continue the news agency operations to provide breaking news, public interest journalism, sports coverage and news photography to Australian media outlets and will maintain the AAP brand.

AAP and the consortium, including former News Corp CEO Peter Tonagh, have reached commercial terms and will now enter negotiations to complete a binding sale contract by the middle of June.

AAP CEO Bruce Davidson said the expected sale was a great result for the maintenance of a pure news wire service in Australia.

“I am pleased that, after months of discussions with various parties, it appears we have been able to secure a new home for AAP’s legacy of trusted news,” he said.

Peter Tonagh said AAP will be supported by a group of investors and philanthropists committed to independent journalism.