SPH to restructure media business into not-for-profit entity amid falling revenue

SINGAPORE: Singapore Press Holdings will transfer its media business into a not-for-profit entity amid the ongoing challenge of falling advertising revenue, the company announced on Thursday .

After the transfer of SPH Media to the CLG, SPH will no longer be subject to shareholder and other relevant restrictions under the Newspaper and Printing Presses Act, said the company.The media industry has faced"unprecedented disruption" in recent years, SPH said in explaining the rationale for the move.

"SPH's media business plays a critical function in Singapore with the provision of quality news and information to the public, in particular in the vernacular languages," said the company."However, remaining part of a publicly listed company where it is subject to expectations from shareholders of profitability and regular dividends is no longer a sustainable business model," said SPH.

Another example of a CLG in Singapore is the Arts House, a not-for-profit organisation that manages arts venues. "This will ensure that the public will continue to benefit from quality information and credible news from trusted media titles and newsrooms, across different platforms and in vernacular languages."

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Chairman of SPH media business is ‘heavy responsibility’, Khaw Boon Wan accepts role with ‘some anxiety’First order of business, fire Mr Umbrage's sorry $$! 🤣🙄
Source: TODAYonline - 🏆 1. / 99 Read more »

SPH to restructure media business into not-for-profit entityFollowing more questions about maintaining editorial independence, SPH chief executive officer Ng Yat Chung appeared to lose his cool and said he took umbrage at such questions. Pointing to reporters present at the press conference, he said that their media outlets “receive substantial funding from various sources”, but they do not describe themselves as “bowing to the needs of advertisers in doing your job”. “(At) SPH, we always have advertising, but never pander to the needs of advertisers… The fact that you dare to question (the editorial independence) of SPH titles… I don't believe even where you come from, you concede in doing your job,” Mr Ng said.
Source: TODAYonline - 🏆 1. / 99 Read more »

SPH Media Holdings: Different name, different company, but still the same state propaganda machineThe story of Singapore’s mainstream print media is really two stories. One is political – the management or control of public opinion in a new environment. The other is keeping it alive commercially in today’s new information world where print media is a
Source: IndependentSG - 🏆 2. / 72 Read more »