South Australian-based publishing company Solstice Media has bought online newspaper The New Daily from industry Super Holdings, a body representing industry superannuation funds.
Commercial details haven't been released.
Solstice Media, which had been the contract publisher of The New Daily, was founded in 2004 by a group of investors including Paul Hamra, the current managing director. Its flagfship publication is InDaily, a digital title.
The advertising-supported New Daily has a subscriber base of 500,000 and a website audience of 1.5 million monthly unique users.
"The decision to sell was made in light of recent changes in the media sector and being in the best interests for The New Daily to be owned by, and integrated with, an established news publisher," according to a joint statement on the sale.
"The New Daily has continued to provide value for industry super funds throughout Industry Super Holdings’ ownership and has been an important and cost-effective avenue to communicate to members.
"A process is now underway for a smooth transition from Industry Super Holdings and Solstice Media and readers will continue to receive the publication it has been enjoying for the past 11 years."
The founding of The New Daily in 2013 was seen as controversial because it was backed by non-profit superannuation funds.
"Independent, trusted journalism and information is vital," Hamra told the New Daily.
“Solstice Media will continue to search for revenue and funding models that support this aim. I am confident that they are out there. There are a lot of people who support independent media.”
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