SINGAPORE, May 7 — After the bombshell announcement that the Singapore Press Holdings (SPH) would be cutting off its media business arm to form a not-for-profit entity, there were initial fears by employees over their job security and wages.
The worries were somewhat assuaged after several reassurances from the company’s upper management. What lingered were concerns about how the change would impact their day-to-day reporting.
This was the feedback from some staff members of SPH’s media business, who spoke to TODAY on the condition of anonymity as they were not authorised to speak to the media.
With the ongoing challenges of falling advertising revenue, SPH announced yesterday that its media business will be first housed under a new subsidiary, SPH Media Holdings, and eventually become a company limited by guarantee. This is expected to happen by October, subject to shareholders’ approval.
While restructuring it into a company limited by guarantee will allow its media business to get funding from private and public sources, including extra financial support from the Government, employees there told TODAY that it is anyone’s guess who would choose to fund the new entity.
