After just two years support, Australian tech tycoon Graeme Wood has reneged on his pledge to fund online start-up Global Mail with $15 to $20 million for five years. "His announcement almost certainly spells the end of Australia’s first major experiment with philanthropically-funded journalism," wrote the Sydney Morning Herald. The move is a stark reminder to journalism nonprofits of the need to diversify income.
Source: Sydney Morning Herald
Posted on: February 8, 2014