News channel Your Money will cease broadcasting in 10 days' time after joint venture partners found its revenue model was more difficult than envisioned and failed to meet expectations.
The decision comes after just seven months of air time for the joint venture between Nine Entertainment (ASX: NEC) and News Corp (ASX: NWS) subsidiary Australian News Channel.
Founded in June last year with its first broadcasts in October, the project was described as "proof of the power of media partnerships".
After it was launched, News Corp Australia executive chairman Michael Miller said the 24-hour business, personal finance and luxury channel tapped into his company's passion to make complicated information meaningful, while Nine CEO Hugh Marks (pictured) noted great optimism for a bright future.
But it was not to be, with broadcasting set to finish on 17 May due to difficulties stemming from "a number of factors that could not be rectified in a short term".
"We have enjoyed a strong partnership with this joint venture but unfortunately we are unable to maintain its continuing operation," Marks and Australian News Channel CEO Paul Whittaker said in a joint statement.
"Market and technical circumstances have proved too challenging. Our thanks to the Your Money team - the quality of the people who brought this channel to life is extraordinary and they have given it their utmost commitment and professionalism."
Your Money CEO Kylie Merritt said it had been a privilege to lead such a bold project.
"I am proud of what we achieved and I thank every member of the team for the work they did, the stories they told and their incredible devotion to the project," she said.
The companies said staff would be deployed within their respective businesses where possible.
"We both have an important role in providing news, commentary and analysis of business and will now consider how we optimise our talent and platforms to continue to deliver that to Australia," added Marks and Whittaker.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
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