It is also cutting 10% of staff.
Hit by tough market conditions, Singapore Press Holdings announced on Monday that it will be merging its My Paper and The New Paper to form a revamped TNP with a free distribution.
Mr Warren Fernandez, Editor-in-Chief of English/Malay/Tamil Media group, said: "The New Paper currently has daily average sales of more than 60,000 which means over 60,000 people are prepared to pay 70 cents each day for the paper. Merging TNP with My Paper, making it free and increasing its circulation to up to 300,000 copies, is a bold decision to serve our readers with a strong product and with revamped content."
The media company also confirmed that it is reducing 10% of its headcount over a two-year period through attrition, retirement, non-renewal of contracts, outplacement and retrenchment on cost-cutting drive.
Mr Alan Chan, CEO of SPH, said: "We have done a comprehensive business review to strengthen our position in a tough economic and media environment. Market conditions will remain difficult with the continuing disruption of the media industry.We have had to take difficult decisions on cost control measures to improve operational efficiency."
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