New Zealand's national news agency to close after 131 years

Apr 29, 2011, 20:40 GMT

Wellington - The New Zealand Press Association (NZPA) will close on August 31, ending 131 years of news gathering by the national news agency.

More than 40 journalists were given termination letters Friday, confirming a decision flagged by the board earlier this month after 60-per-cent shareholder Fairfax Media of Australia gave notice it was withdrawing from the news co-operative.

The agency, founded in 1880, at one time had staff correspondents in Australia, Asia, London and Washington. It has struggled with financial difficulties in recent years and closed all but one of its overseas offices.

Until 2006, all New Zealand newspapers shared their news content, which was distributed by the co-operative. Since then, its journalists have produced independent content that was provided to all shareholders and sold to third parties.