Web Summit cuts funding ties with The Ditch

James Cox

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

The Dublin-based company revealed the decision in a statement on Tuesday evening. Web Summit had been expected to provide €1 million in funding to The Ditch over five years.

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

The split with The Ditch comes after Web Summit majority owner Paddy Cosgrave resigned as the company's chief executive.

He stepped down after comments he made about the Israel-Hamas war on social media led to several high-profile technology companies and figures pulling out of Web Summit.

In a statement on October 21st, Mr Cosgrave said, "I am resigning as CEO of Web Summit with immediate effect.

"Unfortunately my personal comments have become a distraction from the event, and our team, our sponsors, our startups and the people who attend.

“I sincerely apologise again for any hurt I have caused.”

The company's flagship event takes place in Lisbon next week.

Mr Cosgrave was replaced as chief executive by former executive director of the Wikimedia Foundation, Katherine Maher.

“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.”

The statement also confirmed Web Summit general counsel Adam Cannon, who was a part owner of The Ditch, has now transferred his shareholding in the company.

Stories published by The Ditch have led to the resignations of junior ministers Robert Troy and Damien English.