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Straits Times publisher to hive off media business

Reuters SG
·1-min read

May 6 (Reuters) - Singapore Press Holdings Ltd (SPH) said on Thursday it would transfer its media business, including the ownership of the Straits Times, to a not-for-profit company as it deals with falling profit and advertising revenue at the unit that have been exacerbated by the COVID-19 pandemic.

The media and real estate company said in a statement the separation would allow the eventual not-for-profit media arm to secure funding from a range of public and private sources.

The company will provide an initial funding through a cash injection of S$80 million ($59.85 million), S$30 million worth of SPH shares and SPH real estate investment trust units as well as SPH's stakes in four of its digital assets.

SPH's operating revenue has halved in the past five years, largely due to a decline in print advertising and print subscription revenue.

The company's shares went into a trading halt before the announcement and remained as such as of 0502 GMT. ($1 = 1.3367 Singapore dollars) (Reporting by Riya Sharma in Bengaluru; Editing by Krishna Chandra Eluri)