Channel Nine and the Australian News Channel have announced that their joint TV channel, Your Money will close.

Nine CEO Hugh Marks and Australian News Channel CEO Paul Whittaker said the partners had made the closure decision as their revenue model was more difficult than they first imagined.

Your Money was initially a subscription TV channel before heading onto channel 95 across Australia in October last year.

It will now close on Friday, May 17.

In a joint statement, Mr Marks and Mr Whittaker thanked YOUR MONEY staff for their commitment to an innovative and ambitious venture:

“We have enjoyed a strong partnership with this joint venture but unfortunately we are unable to maintain its continuing operation. Market and technical circumstances have proved too challenging. Our thanks to the YOUR MONEY team – the quality of the people who brought this channel to life is extraordinary and they have given their utmost commitment and professionalism.”

YOUR MONEY CEO Kylie Merritt said it had been a privilege to lead YOUR MONEY through such a bold project:

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“I am proud of what we achieved, and I thank every member of the team for the work they did, the stories they told and their incredible devotion to the project.”