Singapore Press Holdings to restructure media business into not-for-profit entity

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SINGAPORE, May 6 (Xinhua) -- Singapore Press Holdings Limited (SPH) announced on Thursday that it will be transferring its media business to a not-for-profit entity amidst the ongoing challenge of falling advertising revenue.

The company said that its entire media-related businesses, including relevant subsidiaries, relevant employees, news center and print center along with their respective leaseholds, as well as all related intellectual property and information technology assets, will be transferred to a newly incorporated wholly-owned subsidiary, SPH Media Holdings Pte Ltd (SPH Media).

Under the restructuring proposal, SPH Media will eventually be transferred to a not-for-profit entity for a nominal sum. The not-for-profit entity will be a newly formed public company limited by guarantee, SPH added.

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

SPH is Asia's leading media organization, listed on the mainboard of Singapore Exchange. Its core business is in the publishing of newspapers, magazines and books in both print and digital editions. These include the English flagship daily The Straits Times and the Chinese language daily Lianhe Zaobao.

Besides, SPH also owns other digital products, online classifieds, radio stations and outdoor media. Enditem

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