SPH announces completion of media restructuring
This includes all media-related assets and 2,500 employees.
SPH Media revealed that the media restructuring exercise with Singapore Press Holdings Limited (SPHL) and the transfer of its media businesses to SPH Media Trust.
This follow’s SPHL’s general meeting last 10 September 2021, wherein shareholders voted to spin off its media businesses.
“We are pleased to have completed the transfer of SPH Media to SPH Media Trust today. This marks a critical milestone as we re-focus on our mission of producing quality journalism as a public good. This will also ensure the continued relevance and sustainability of SPH Media," said Khaw Boon Wan, Chairman, SPH Media Trust.
All relevant media-related assets, as well as 2,500 employees, have been transferred to SPH Media Trust. This also includes the News Center and Print Center leasehold properties, as well as all intellectual property and information technology assets.
Trademarks and logos related to the names Singapore Press Holdings and SPH are also covered.
SPHL has also agreed to capitalise on the SPH Media companies with a cash injection of $80m and $30m worth of SPH shares and SPH REIT units.