PUBLICALLY listed publishing and research group InvestorInfo Ltd has sold the loss-making Ethical Investor magazine, e-news service and website to Michael Walsh’s private company, Lifecraft Pty Ltd.
Lifecraft also own the research business Corporate Monitor. The magazine’s founder and former publishing editor Paddy Mannin, will remain in a contributor’s role.
Mr Walsh said he intended to continue the Ethical Investor as a monthly subscription-based publication. However, it will be withdrawn from the newsstands and will no longer focus on advertising revenue.
Ethical Investor contributed 5 per cent of total operating revenue to Investor Info, but contributed to gross losses during the period since it purchased the magazine in mid 2002.
As a result of selling the business, InvestorInfo will post a year-end write off of $199,421.
InvestorInfo managing director Bernadette Brennan said a number of key factors contributed to the decision to sell the title.
“While we believe ethical investment is an important component of the financial services industry, it is still a niche market within Australia,” she said.
Mr Walsh said the May issue of the magazine had been delayed but subscribers should expect it to be released within the next week.
“These are difficult times for investors generally, including ethical investors,” he said.
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