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.
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Singapore’s press overhaul will stay true to Lee Kuan Yew’s 50-year-old blueprint The SPH News Centre in Singapore. Photo: Handout
It is a fitting coincidence that the biggest shake-up of Singapore s news media industry in decades has been announced in the 50th anniversary month of the country s biggest ever crackdown on press freedom.
Thursday s news that Singapore Press Holdings (SPH) would hive off The Straits Times and other media outlets into a new not-for-profit company appears on the surface a radical, forward-thinking response to global journalism s chronic financial crisis. Look back at history, though, and it becomes clear this is also a rearguard action to preserve the ruling party s dominance over mainstream media.
As ad revenues fall, SPH restructures media business into not-for-profit entity asiaradiotoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from asiaradiotoday.com Daily Mail and Mail on Sunday newspapers.
SINGAPORE, May 6 The Singapore Press Holdings (SPH) will be restructuring its media business into a not-for-profit entity amid falling advertising revenue. With this move which is expected to be fully completed by October, subject to shareholders’ approval SPH’s media.