Australian Associated Press's AAP name and brand live on today, despite the earlier announcement of a new name for the national news agency.

Its sale to a consortium of "impact investors and philanthropists" has been formally completed, ending 85 years of ownership by Australia's major publishing groups.

Earlier this week, it was announced that the new incarnation would be known as Acta Diurna AAP, reprising the Roman 'daily acts'.

The national news agency will continue to provide a trusted breaking news service with a team of journalists and photographers, most of whom have joined the new organisation from the legacy business.

Chief executive of the new not-for-profit AAP is Emma Cowdroy, with Andrew Drummond as editor and Kaaren Morrissey as national chief of staff.

Welcoming the finalisation of the agreement, Cowdroy said the successful sale ensured that AAP "has not only survived but that it now has the opportunity to thrive.

"Our backers and the board are united in our determination to continue AAP's critical role as the source of truly independent news for all Australians. The value of independent journalism for the benefit of our society has never been more important and the new-look AAP will be underpinned by this philosophy".

Outgoing chief executive Bruce Davidson, who is leaving after ten years in the role, said the news agency's legacy was in good hands. "I'm delighted that the spirit of AAP will live on into the future."