SPH Restructures Its Media Business: What Does This Mean For Shareholders And Potential Investors?
On May 6th, Singapore Press Holdings (SPH) officially threw in the towel in its efforts to salvage the profitability of its languishing media business. It announced it will carve out the media assets into a not-for-profit company (termed a CLG, or company limited by guarantee), pending shareholders’ approval. The announcement rocked professionals within the media and communications industry because it signalled an uncertain future for cherished journalism brands such as The Straits Times, Business Times and Lianhe Zaobao. The Straits Times, in particular, is known as the nation’s newspaper of record, with a 176-year history and a reputation as a trusted voice for news of the region. Since its listing on the Singapore Stock Exchange (SGX) in 1984 – the same year SPH was formed – the