Nine CEO Hugh Marks and Australian News Channel CEO Paul Whittaker said the partners had made the closure decision as the revenue model had proved more difficult than anticipated, and that it failed to meet expectations.
In a joint statement, Marks and Whittaker said: “We have enjoyed a strong partnership with this joint venture but unfortunately we are unable to maintain its continuing operation. 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 : “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.”
Where possible the joint venture partners will seek to redeploy staff within their respective businesses.
Your Money, which commenced on air on subscription TV (Foxtel Channel 601) and FTA TV (Nine digital channel 95) on October 1, 2018, will cease broadcasting on Friday, May 17, 2019.