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

6 hours ago

Mediabrands, R&CPMK launch tool to integrate brands ...

UpstreamPOP helps brands identify the next big TV show or feature film and helps them broker brand integration deals.

6 hours ago

Ogilvy PR ups Rahul Titus to new global role

Agency has promoted UK and EMEA head of influence to the new role of global head of influence.

6 hours ago

FleishmanHillard’s head of influence fuels outrage ...

TikTok creator Rob Mayhew posted a sketch on LinkedIn yesterday calling out the hypocrisy of agencies working with fossil fuel clients, which now has over 100,000 views.

6 hours ago

Indian athlete Dutee Chand and girlfriend wear ...

A campaign titled #WearYourPride was launched to encourage the LGBTQ+ community to stop running away from themselves and to celebrate equal rights for all genders.