UPDATE 1-Singapore Straits Times publisher to hive off media business

UPDATE 2-Singapore Straits Times publisher to hive off media business
Reuters
5/6/2021
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* Government supports SPH's restructuring proposal (Adds government comment paragraph 4)
SINGAPORE, May 6 (Reuters) - Singapore Press Holdings Ltd (SPH), which publishes the city-state's main newspaper, said on Thursday it would transfer its media business to a not-for-profit company as the unit struggles with falling advertising revenue and losses.
SPH said the separation would allow the eventual not-for-profit media arm, which would include publications such as The Straits Times and Chinese newspaper Lianhe Zaobao, to secure funding from a range of public and private sources.
Such funding could include additional financial support from the government, Chairman Lee Boon Yang said in comments reported by The Straits Times.

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