Australian billionaire to spend US$72 mn on journalism institute

Judith Neilson's announcement comes after Fairfax Media, Australia's oldest newspaper group and owner of titles including The Sy
Judith Neilson's announcement comes after Fairfax Media, Australia's oldest newspaper group and owner of titles including The Sydney Morning Herald and The Age, had been taken over by television broadcaster Nine Entertainment

A billionaire Australian philanthropist vowed Wednesday to spend at least AU$100 million (US$72 million) of her fortune to create a journalism institute committed to "the pursuit of truth".

Judith Neilson said the Sydney-based institute would "celebrate and encourage quality journalism in Australia and the world" at a time of "massive change" and challenges for the .

"Journalism doesn't just need critics, it needs champions—people and institutions with the resources to help educate, encourage and connect journalists and their audience in pursuit of excellence," she said.

The Zimbabwe-born Neilson, a prominent patron of the arts in Sydney, said the Judith Neilson Institute for Journalism and Ideas would run educational programmes and events and provide grants for the development of independent, non-partisan reporting.

Neilson said one of the first priorities of the organisation once it is formally launched in 2019 would be to support more "informed, intelligent" reporting on Asia.

"Through targeted funding and education we can strengthen Australian journalism and help restore faith in its central role in a healthy democracy," she said in a statement.

"As an avid consumer of , I recognise the need to support evidence-based journalism and the pursuit of truth in an increasingly complicated and confusing world."

News organisations in Australia have struggled in recent years with falling revenue and shrinking staff, as giants like Google and Facebook dominate the digital economy.

Neilson's announcement came the day after an Australian court gave final approval to the biggest merger in the country's history, prompting new concerns for the future on independent journalism.

The takeover of Fairfax Media, Australia's oldest newspaper group, by television broadcaster Nine Entertainment, is widely expected to lead to further cutbacks in newsrooms.

The merger left only four major media companies in Australia, dominated by Rupert Murdoch's News Corp.

Neilson's fortune is estimated at around US$1.1 billion by Forbes, built through property investments and her holdings in international equities firm Platinum Asset Management.


Explore further

Watchdog approves landmark Australian media merger

© 2018 AFP

Citation: Australian billionaire to spend US$72 mn on journalism institute (2018, November 28) retrieved 20 October 2019 from https://phys.org/news/2018-11-australian-billionaire-us72-mn-journalism.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
6 shares

Feedback to editors

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more