Web Summit cuts its funding ties with The Ditch

Web Summit majority shareholder Paddy Cosgrave who stepped down as CEO on October 21. Picture: Horacio Villalobos/Corbis/Getty 

The new board of the Web Summit has cut its funding ties with media organisation The Ditch.

In a statement posted on Tuesday evening, the Web Summit confirmed the split. 

"As Web Summit moves to focus on our core mission, the board has determined we will conclude our funding relationship with The Ditch," the company, which is majority owned by Paddy Cosgrave, said.

It is understood the move is effective immediately. 

Earlier this year the editor of the Ditch, Eoghan McNeill, told RTÉ that Web Summit funding for the site would amount to €1m over the next five years.

Former CEO and executive director of the Wikimedia Foundation Katherine Maher was recently appointed CEO of Web Summit.  

It is the first major step taken by the new board of the Web Summit, which is now headed by Katherine Maher, the former CEO of the Wikipedia Foundation.

Ms Maher took over the role after Mr Cosgrave came in for criticism after comments he made about the Israel-Hamas war on social media site X, formerly Twitter.

Following his posts, a number of high-profile technology sector leaders and companies, including several Israeli investors, publicly distanced themselves from the Web Summit, which is due to take place next week in Lisbon.

In a statement on October 21, 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.”