Web Summit has ended its funding of The Ditch media organisation.

The news will come as a blow to the news website, which had expected Web Summit to fund it to the tune of €1m over the next five years.

In a statement last night, Web Summit said it was moving to focus on its “core mission”.

“Web Summit’s mission is connecting people and ideas that change the world,” it said.

“As Web Summit moves to focus on our core mission, the board has determined we will conclude our funding relationship with The Ditch.”

Web Summit founder Paddy Cosgrave at Web Summit HQ in Dublin, 11-10-2018. Image: Sam Boal/RollingNews

It comes after Web Summit’s majority owner Paddy Cosgrave resigned from his role as CEO of the company earlier this month.

The company founder stepped down after a raft of major firms pulled out of the event in protest at his comments on the Israel-Hamas war.

He was replaced by the former Executive Director of the Wikimedia Foundation Katherine Maher.

Web Summit has said that some of the companies that pulled out have since agreed to return to this year’s event in Lisbon.

Web Summit’s mission is connecting people and ideas that change the world.

As Web Summit moves to focus on our core mission, the board has determined we will conclude our funding relationship with the Ditch.

— Web Summit (@WebSummit) November 7, 2023

The decision to cut funding ties with The Ditch is one of Ms Maher’s first major moves as CEO.

It is not clear how much funding The Ditch has received from Web Summit up to now.

“The Ditch is a separate investigative organisation with an independent editorial line,” Web Summit said in its statement.

“Web Summit respects independent media and editorial control.

“As we move forward, we will continue to focus our affiliations and investments to reflect our core mission. Our events will remain a platform for open discussion and rigorous debate.”

It noted that Web Summit General Counsel Adam Cannon who was a part owner of The Ditch has now transferred his shareholding in the company.

Main image shows Katherine Maher speaking at Web Summit 2019, 05-11-2019. Image: Pedro Fiuza /Alamy