SPH expects to net $8m savings from staff cuts

SINGAPORE: Singapore Press Holdings has laid off 99 employees in a restructuring exercise, which the diversified media group expects will net S$8 million (US$4.3 million) in annual savings. The broadcasting arm of Singapore Press Holdings, SPH MediaWorks, chopped its head count of 380 by 73 following a pay cut of 12.7 per cent. The cutbacks resulted from a weakening advertising market and a restructuring of its English-language channel. Chief executive officer, Jamal Hassim, who helped set up the English laguage station TV Works, has also resigned. "The English-language TV channels in Singapore have always had a small audience," said Lee Cheok Yew, MediaWorks' chief executive. "When we started in May, we tried to expand this share by ramping up local production on TV Works in the hope of bringing new viewers. But the market decided otherwise." The channel will now be merged with its Mandarin counterpart, Channel U. SPH AsiaOne also cut its payroll from 111 staff to 79, reducing costs by $1.8 million a year. The unit reported a loss of $14.9 million for year ended August 31, and said it would delist and privatise. Despite the cuts, it expects to report a loss for the current year. Three employees of Prism were also retrenched following a reorganisation in which the group's new marketing, advertising and promotion and product branding activities will be grouped under a product development and branding department.

Sign In

Trouble signing in?

Reset Password: Click here

Contact Customer Support at

Customerservice@campaignasia.com