SINGAPORE: Singapore Press Holdings (SPH) will step up investments in digital, data analytics, radio and content marketing, as part of efforts to deal with disruption to its core media business. It will also complete a 10 per cent staff cut announced last October by the end of this calendar year, sooner than originally intended. Moves will include restructuring its newsrooms and sales operations and reducing 15 per cent of the staff in these core media divisions, said chief executive Ng Yat Chung on Wednesday (Oct 11). The media and property group announced these moves alongside its full-year results, which showed net profit rose 32 per cent to $350.1 million. This was due largely to the sale of its online classifieds business 701Search, on which SPH recognised a profit of $149.7 million, as well as a fair value gain on investment properties of $57.4 million. These gains were partially offset by charges of $96 million which included impairment of the magazine business amid unfavourable market conditions. Beyond cost savings, the company is also looking to position itself for longer-term growth, said Mr Ng in his first results briefing since taking over as chief executive.
Deputy chief executive Anthony Tan added: “We want to double down on quality journalism, enhance the attractiveness of our core titles and build new ones to reach out to millennials.” Mr Ng said there are no plans to consolidate or shut down any of the company’s daily newspapers. “The newspapers are serving the needs of readers and our clients well,” he added. These moves come after SPH announced in August that it would divest its 20 per cent stake in Mediacorp TV and 40 per cent holding in Mediacorp Press, the publisher of the Today newspaper, for $18 million. The divestment – which Mr Ng said would allow SPH to focus on its core media business – followed Mediacorp’s decision to stop the print edition of Today. SPH has recouped its investment in Mediacorp Press and Mediacorp TV, after taking into account the consideration of $18 million and the dividends received over the years. SPH shares closed two cents down to $2.69 on Wednesday (Oct 11). The results were announced after the market closed.
