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25 August 2017 | 06:14 pm
ST: SPH to divest stakes in Mediacorp TV and Press while Today newspaper will cease print edition and go fully digital

Singapore Press Holdings plans to divest its 20 per cent stake in Mediacorp TV (which owns Channels 5, 8 and U and Mediacorp Studios) and 40 per cent stake in Mediacorp Press, the publisher of the Today newspaper, for $18 million, the firm said on Friday (Aug 25).

SPH expects to record a writedown of about $31 million in its books. The deal is likely to be completed at the end of September.

The deal comes 12 years after SPH purchased the stakes as part of a media industry asset consolidation in 2005. During the consolidation, SPH transferred a TV channel to Mediacorp and took a 20 per cent stake in Mediacorp TV.

SPH also merged its free newspaper Streats with Today, and invested in a 40 per cent stake in Mediacorp Press.

As part of the deal announced on Friday, Mediacorp will also stop publishing any soft copy or computer-readable format of Today that has the look and feel of a hardcopy version of the newspaper, for a period of five years.

Source: Straits Times, Channelnewsias

Categorised in channelnewsasia.com, EN, MediaCorp, SPH, The Straits Times.