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May 06, 2021
Under the restructuring proposal, SPH Media will eventually be transferred to a not-for-profit entity for a nominal sum.
The Straits Times/ Gavin Foo
Singapore Press Holdings (SPH) intends to transfer its media business to a not-for-profit company as part of a strategic review of its various businesses.
Announcing the move on Thursday (May 6), 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.
The restructuring entails transferring all the media-related businesses including relevant subsidiaries, employees, News Centre and Print Centre along with their respective leaseholds, all related intellectual property and information technology assets to a newly incorporated wholly-owned subsidiary, SPH Media Holdings Pte Ltd ( SPH Media ).