SPH to restructure media business into not-for-profit entity

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Singapore Press Holdings Ltd (SPH) will transfer its media business into a not-for-profit entity amid the ongoing challenge of falling advertising revenue.Announcing the move, SHP said the exercise involves transferring its entire media-related businesses to a newly incorporated wholly owned subsidiary, SPH Media Holdings Pte Ltd.The entire media-related businesses include relevant subsidiaries, relevant employees, News Centre and Print Centre along with their respective leaseholds, as well as all related intellectual property and information technology assets.SPH will provide the initial resources and funding by capitalising SPH Media with a cash injection of S$80 million (RM330 million), S$30 million worth of SPH shares and SPH REIT units, as well as SPH’s stakes in four of its digital media investments.“With the resources that SPH is providing upfront and the prospects for …