In 2016, the publication became wholly owned by the parent fund and has built a database of almost 500,000 subscribers. Many of those are customers of super funds that make up Industry Super Holdings, including Hostplus, Cbus, Australian Super and others. The value in the sale is likely to hinge on access to the subscriber database.

Since its launch, The New Daily has received most of its revenue from advertising sales and its owner. In recent years, it has become less reliant on funding from Industry Super, which now contributes only one quarter of its revenue.

While it has general news coverage, it takes a particular focus on the superannuation sector, offering a service for its vast membership.

Critics have questioned whether a free news website is in the best interests of the funds’ members. Liberal senator Andrew Bragg has previously called the publication a mouthpiece for the super sector. In 2021, the senator made a complaint to the Australian Press Council, arguing The New Daily breached guidelines over editorial independence from conflicts of interest.

A sale to its current publisher Motion, a subsidiary of Adelaide-based Solstice Media, is considered a likely option.

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Co-founder and former editorial director Bruce Guthrie said while it was Industry Super’s prerogative to test the market, he found it puzzling given the site’s considerable achievements over the past decade and the relatively small amount of money it now costs to operate.

“But if there is to be a change of ownership, I hope it goes to the current contractors, Motion Publishing, who have run the site successfully for more than a decade and built its revenue streams, audience, a database of loyal subscribers and an enviable list of journalist successes,” Guthrie said.

“They’ve done this in often difficult conditions, and against sometimes viperous competition.”

Motion Publishing managing director Paul Hamra declined to comment due to a confidentiality agreement.

Originally the brainchild of former Industry Super chair Garry Weaven, The New Daily launched alongside several other progressive-leaning publications, including Guardian Australia in 2013, followed by Schwartz Media’s The Saturday Paper.

Online news publications grew amid a healthy digital advertising sector, but this has since collapsed in Australia. A weak advertising market for traditional media overall is a key reason behind mass job cuts at News Corp and Nine, the owner of this masthead. It was also the central reason behind Pedestrian Group (part of Nine) shuttering its local outposts for titles including VICE, Gizmodo and Refinery29.

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