SINGAPORE: Singapore Press Holdings will transfer its media business into a not-for-profit entity amid the ongoing challenge of falling advertising revenue, the company announced on Thursday .
After the transfer of SPH Media to the CLG, SPH will no longer be subject to shareholder and other relevant restrictions under the Newspaper and Printing Presses Act, said the company.The media industry has faced"unprecedented disruption" in recent years, SPH said in explaining the rationale for the move.
"SPH's media business plays a critical function in Singapore with the provision of quality news and information to the public, in particular in the vernacular languages," said the company."However, remaining part of a publicly listed company where it is subject to expectations from shareholders of profitability and regular dividends is no longer a sustainable business model," said SPH.
Another example of a CLG in Singapore is the Arts House, a not-for-profit organisation that manages arts venues. "This will ensure that the public will continue to benefit from quality information and credible news from trusted media titles and newsrooms, across different platforms and in vernacular languages."
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