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.
