Former News Corp chief executive Peter Tonagh leads a new consortium set to take over Australian Associated Press.

AAP says it is in the "final stages" of a sale of its Newswire to the consortium of "impact investors and philanthropists" who will continue news agency operations to provide breaking news, public interest journalism, sports coverage and news photography.

Some staff cuts are expected with the consortium employing between 85-90 staff, including around 70-75 editorial, plus management, IT and support personnel.

Current shareholders - including News Corp and Nine Entertainment - are to retain the Medianet, Mediaverse, AAP Directories, Pagemasters and Racing operations. The new owners will also continue AAP FactCheck and take over the AAP brand.

Tonagh (pictured) - who replaced Julian Clarke as chief executive of News Corp Australia in 2015 - says AAP's new group of investors and philanthropists are "committed to independent journalism". He promises more information about future plans after consultation with staff, customers and other stakeholders.

AAP chief executive Bruce Davidson described the expected sale as "a great result for the maintenance of a pure news wire service in Australia.
"I am pleased that, after months of discussions with various parties, it appears we have been able to secure a new home for AAP's legacy of trusted news," he said.