Many governments helping their country’s media; SPH case no different: Shanmugam | Video Singapore
08 May 2021 11:46PM (Updated:
08 May 2021 11:50PM)
Amid declining advertising revenue, many media companies around the world have been forced to find new sources of funding, including government support. This also applies in the latest Singapore Press Holdings (SPH) restructuring, Home Affairs and Law Minister K Shanmugam said on Saturday (May 8), pointing out that the business model of the company’s media arm “doesn’t work”. Neo Rong Wei reports.
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SPH CEO Ng Yat Chung s umbrage reaction unfortunate : K Shanmugam
SINGAPORE – The take umbrage reaction of Singapore Press Holdings (SPH) chief executive Ng Yat Chung when its editorial integrity was questioned recently, at a press conference it called for, was very unfortunate said Law and Home Affairs Minister K Shanmugam.
Speaking on the sidelines of a community event on Saturday (8 May), Shanmugam reportedly said to local media including Today, that Mr Ng’s reaction and the way he answered the question. was very unfortunate. His outburst can be described in stronger terms. But I want to be careful and understated, because SPH is a listed company (with) shareholders, management, and I need to be careful, he added.
The Straits Times
SPH shares down 14% at midday following plan to hive off media business
Before May 7, the stock, which had a market value of $2.1 billion, was up nearly 60 per cent year to date.ST PHOTO: GAVIN FOO
https://str.sg/Jtns
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The New Paper
Govt supports SPH plan to hive off media business
SPH chairman Lee Boon Yang said SPH serves to provide news and information to Singapore s diverse ethnic communities. TNP PHOTO: GAVIN FOO
TNP PHOTO: GAVIN FOO
GRACE HO, SENIOR POLITICAL CORRESPONDENT
May 07, 2021 06:00 am
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Singapore Press Holdings (SPH), which publishes The Straits Times, has received the support of the Government for its plan to hive off its media business into a new company limited by guarantee (CLG), as part of SPH s ongoing strategic review.
Announcing the move yesterday, SPH chairman Lee Boon Yang said the transfer will enable the media business to focus on quality journalism and invest in talent and new technology to strengthen its digital capabilities.
Taiwan s Taiex added 1.12% while Hong Kong s Hang Seng Index was up 0.74%.
In Singapore, the Straits Times Index added 0.68%. Shares of Singapore Press Holdings, publisher of the city-state s daily broadsheet the Straits Times, tumbled 11.73%.
Chinese mainland shares also advanced after wavering in the first half hour of trade: The Shanghai composite rose 0.36% while the Shenzhen component gained 0.45%.
Friday s session follows overnight moves on Wall Street where major U.S. indexes advanced following a better-than-expected reading on jobless claims. There was limited movement in equity markets overnight, as relatively strong economic data were offset by news the Biden administration is likely to keep some Trump-era limits on US investments in some Chinese companies, ANZ analysts wrote in a morning note.