SPH expects to net $8m savings from staff cuts

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