Joe Aston.
Joe Aston, the former editor of the AFR’s Rear Window column, has just completed a capital raise for Rampart, valuing the news site at almost $29 million
The 18-month-old Rampart News Holdings completed a $2.3 million transaction with a group of five financial investors, including David Gyngell, former CEO of Nine Entertainment.
Aston, who has reduced his holding to 92%, said he would use the money raised for new hires, editorial verticals, events and podcasts, and on improved technology.
“Rampart didn't need external capital to continue on its already steep trajectory as one of Australia's fastest-growing media brands,” Aston told his subscribers.
“The company was profitable in financial 2025, profitable again in financial 2026, even after the rapid growth in our headcount in recent months, and would've been profitable in 2027.
“But with our business model now well-proven, I decided there is no time like the present to turbocharge investment in Rampart's journalism (which in turn will boost our audience and revenue growth); to establish an external market valuation for the company; and to advance to our next phase with an incredibly high-quality group of equity partners.”
Aston said Rampart's new shareholders have each made a commitment to Rampart's editorial independence.
“Any instance of editorial interference will constitute a default event under our shareholders' agreement, thereby triggering a forced divestment of their shares on unfavourable terms,” he said.
“I am not aware of any other Australian publisher or broadcaster whose editorial independence is so hard-wired.”
The investors: Ashok Jacob, executive chairman of Ellerston Capital; David Gyngell, former CEO of Nine Entertainment Co; Doug Tynan, chief investment officer of GCQ Funds Management; Retired neurosurgeon Michael Morgan, formerly of Macquarie University Hospital and Mayo Clinic, and his wife Elizabeth; and Sam Brougham, director of Ceres Capital.
“I look forward to sharing our plans for that investment very soon,” said Aston.
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