Staff Reporters
Aug 25, 2017

Mediacorp to buy back stakes owned by SPH, cease printing Today

The move to all-digital publication of the free tabloid Today will eliminate about 40 jobs, the company said.

Today will be all digital starting in September.
Today will be all digital starting in September.

Mediacorp is buying back two minority stakes in its television and newspaper businesses owned by Singapore Press Holdings (SPH), and announced that it will cease print publication of the free tabloid Today, eliminating about 40 jobs.

The purchase, valued at SG$18 million (US$13.2 million), includes SPH’s:

  • 20 per cent stake in Mediacorp TV Holdings, which owns Channels 5, 8 and U and Mediacorp Studios; and
  • 40 per cent stake in Mediacorp Press, which operates Today.

SPH bought the stakes in 2005. At that time, SPH transferred a TV channel to Mediacorp and took a 20 per cent stake in Mediacorp TV Holdings. SPH merged its free newspaper Streats with Today, and invested in a 40 per cent stake of Mediacorp Press.

Mediacorp will restructure the Today business to "better face the new digital-first media landscape", the company said. The publication launched a digital weekend edition in April, and the weekday editions will go fully digital in September, according to Mediacorp.

The discontinuation of Today's print edition will make about 40 roles "redundant", Mediacorp said, adding that it will "explore options to redeploy the staff in these positions to other roles within the company" and offer severance packages and outplacement support in cases where that's not possible.

Related Articles

Just Published

1 hour ago

Campaign Creation Stories: How Tourism New Zealand ...

Campaign debuts a new series in which brand and agency leaders talk about how they collaborated to bring a great piece of work to life. In the premiere, Tourism NZ and Special Group discuss the somewhat insane idea of creating a daily brand video for a full year.

2 hours ago

CMO Power List 2021: Call for nominations

Campaign Asia-Pacific's CMO Power List, a definitive guide to the most influential marketers in the region, is now accepting nominations for its third listing of top marketers.

2 hours ago

The untapped wealth of WeChat data for brands

Brands are not fully realising the opportunity of both capturing and actioning on WeChat's many data touchpoints, with much data sitting unused in third-party systems. The data and consulting director at Artefact advises how to unlock WeChat's data dam.

2 hours ago

Move and win roundup: Week of May 10, 2021

Mindshare, Tyson Foods Malaysia, WPIC Creative Labs, Nielsen and more to come in our weekly collection of people moves and account news.