As part of a Strategic Review, Singapore Press Holdings Limited will be transferring its media business to a not-for-profit entity amidst the ongoing challenge of falling advertising revenue. The company cited unprecedented disruption in the media industry in recent years for the decision resulting in operating revenue halving in the past five years. SPH will transfer the entire media-related businesses of SPH including relevant subsidiaries, relevant employees, News Centre and Print Centre along with their respective leaseholds, as well as all related intellectual property and information technology assets, to a newly incorporated wholly-owned subsidiary, SPH Media Holdings Pte Ltd (SPH Media). The company will capitalise SPH Media with a cash injection of $80 million.
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.
Read the full press release here