SPH to restructure media business into not-for-profit entity (lol...er ok)

[laksaboy]

How can you restructure a loss profit company into nonprofit company.
It's like suddenly overnight they make more money?
The nonprofit company will still end up losing even more money.
It's deceitful to rebrand it into nonprofit when you know it will forever lose money.

Doesn't matter if they lose more money, with this new corporate status the money will come from somewhere else. Take a guess where.

 

[Hypocrite-The]

Lack of transparency of media business transfer by SPH raises further doubt on editorial independence for SPH’s not-for-profit publications
So many questions stemming from the impending transfer of Singapore Press Holdings’ (SPH) media business into a Company Limited by Guarantee (CLG).
Were shareholders consulted on the move to do so? From what I heard from shareholders, that does not seems to be the case. From what was said at the press conference, the only consultation with the shareholders seems to be on what will be the new name for the listed company.
Both its Chairman and CEO, Dr Lee Boon Yang and Mr Ng Yat Chung respectively, argued that the move to transfer the media business would ultimately benefit the shareholders due to the declining revenue which has been a burden to them.
Furthermore, the shareholders do not seem to agree with that argument.
Following the resumption of trading after yesterday’s sudden announcement and cease in trade, the stock price of SPH dropped from 1.79 to 1.52 at the very start. Although the price picked up to 1.63 at a point, it then fell back down to 1.53~1.54.

Immediately on the same day of the announcement, the Ministry of Communications and Information (MCI) said that the Government is supportive of SPH’s proposal to restructure itself and transfer its media business, SPH Media, to a CLG.
The Ministry added that the Government is prepared to provide funding support to the CLG to “help it build capabilities for the future”.
From MCI’s speedy response to the move, it seems discussions have been carried out and decisions have been made even before shareholders are made aware through the announcement on Thursday.
Just on this point itself, can we trust the new entity to be transparent on any influence from the Government on its editorial stance as both the Chairman and CEO try to portray its media publications to be?
It would sound from Mr Ng’s tone that SPH would have loved to close its media publication to cut its losses and focus on its money making property businesses. However, it is impossible for the incumbent ruling party to allow the media publications that have served them so well over the past 60 over years to close down.
To separate the media business from its listed company entity, into a not-for-profit entity, would mean that the Government will then take up the burden of financing the publications.
So, given that the Government is positioned to provide funding to the sinking media publications of SPH, how would editorial independence be assured?
Now, if SPH media publications cannot be trusted to maintain editorial independence in a private company setting, what to expect when it becomes reliant on government funding for operation sustainability?
What we might see is taxpayers funding a government propaganda programme masqueraded as support for quality journalism.
Bear in mind that Singapore is ranked 160 in the World Press Freedom Index for a reason.
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[Hypocrite-The]

MCI – The Online Citizen Asia
The Government is supportive of Singapore Press Holdings’ (SPH) proposal to restructure itself and transfer its media business, SPH Media, to a Company Limited by Guarantee (CLG), said the Ministry of Communications and Information (MCI) on Thursday (6 May).
The Ministry added that the Government is prepared to provide funding support to the CLG to “help it build capabilities for the future”.
SPH earlier announced that it will be transferring its media business to a non-profit entity as part of its strategic review.
This restructuring exercise will entail transferring the entire media-related businesses of SPH including relevant subsidiaries, relevant employees, News Centre, and Print Centre along with their respective leaseholds, as well as all related intellectual property and information technology assets to a newly incorporated wholly-owned subsidiary, SPH Media Holdings Pte Ltd.
SPH will provide the initial resources and funding by capitalising SPH Media with a cash injection of S$80 million, S$30 million worth of SPH shares, and SPH REIT units, as well as SPH’s stakes in four of its digital media investments.
The transfer will take place at a nominal sum. The not-for-profit entity will be a newly formed public company limited by guarantee CLG.
Following the transfer, SPH will thus no longer be subject to shareholder and other relevant restrictions under the Newspaper and Printing Presses Act (NPPA).
In a statement on Thursday, MCI said that the Government is prepared to provide funding support to help SPH build capabilities for the future and accelerate its digital transformation.
“It is in the interest of Singapore and Singaporeans that our local media continues to thrive and deliver quality journalism,” the Ministry wrote.
“After SPH Media is transferred to a CLG, MCI is prepared to provide it with funding support to help it build capabilities for the future.”
It added that Minister for Communications and Information S. Iswaran will also be delivering a ministerial statement on the matter in Parliament next Monday (10 May).
Mr Iswaran said in the statement that having a “professional, capable and respected local news media” is critical to Singapore’s national interest.
“They report through a Singaporean lens, so that our citizens have a good understanding of the opportunities and challenges facing our country, the choices we need to make, and our place in the world. The Government therefore supports high quality, credible journalism in our local news media,” he remarked.
Mr Iswaran went on to say that SPH had concluded that the current media business model within a listed company structure is not viable, given global technology and industry trends, and the need for significant investments in digitalisation and capability development, to which the Government agreed.
He continued, “We are supportive of SPH’s proposal to restructure and transfer SPH Media to the CLG. Our goal is to help the local news media and our journalists adapt and thrive in the digital era while maintaining the high professional standards we expect and value.
“The Government is also prepared to provide SPH Media with funding support, with fiscal discipline and accountability for outcomes in areas like digital innovation and capability development, as part of a long-term sustainable business plan.”
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[Leongsam]

How can you restructure a loss profit company into nonprofit company.
It's like suddenly overnight they make more money?
The nonprofit company will still end up losing even more money.
It's deceitful to rebrand it into nonprofit when you know it will forever lose money.

It's already a non profit company!

 

[Leongsam]

If they want to get paid a bit they can start writing FRs for my other site and I'll pay them 0.2 cents per post.

 

[ZhongGuoWang]

If a company not for profit,then ppl working there shiuld not be paid high,

How can pay them peanuts.. Not right, they are ex Generals after all

 

[ZhongGuoWang]

He admitted to everyone, he is Not a "gentleman" like the Chairman...

then what is he ? why is he still there ?

View attachment 110049

So he is a "lady"??

 

[birdie69]

MCI – The Online Citizen Asia
The Government is supportive of Singapore Press Holdings’ (SPH) proposal to restructure itself and transfer its media business, SPH Media, to a Company Limited by Guarantee (CLG), said the Ministry of Communications and Information (MCI) on Thursday (6 May).
The Ministry added that the Government is prepared to provide funding support to the CLG to “help it build capabilities for the future”.
SPH earlier announced that it will be transferring its media business to a non-profit entity as part of its strategic review.
This restructuring exercise will entail transferring the entire media-related businesses of SPH including relevant subsidiaries, relevant employees, News Centre, and Print Centre along with their respective leaseholds, as well as all related intellectual property and information technology assets to a newly incorporated wholly-owned subsidiary, SPH Media Holdings Pte Ltd.
SPH will provide the initial resources and funding by capitalising SPH Media with a cash injection of S$80 million, S$30 million worth of SPH shares, and SPH REIT units, as well as SPH’s stakes in four of its digital media investments.
The transfer will take place at a nominal sum. The not-for-profit entity will be a newly formed public company limited by guarantee CLG.
Following the transfer, SPH will thus no longer be subject to shareholder and other relevant restrictions under the Newspaper and Printing Presses Act (NPPA).
In a statement on Thursday, MCI said that the Government is prepared to provide funding support to help SPH build capabilities for the future and accelerate its digital transformation.
“It is in the interest of Singapore and Singaporeans that our local media continues to thrive and deliver quality journalism,” the Ministry wrote.
“After SPH Media is transferred to a CLG, MCI is prepared to provide it with funding support to help it build capabilities for the future.”
It added that Minister for Communications and Information S. Iswaran will also be delivering a ministerial statement on the matter in Parliament next Monday (10 May).
Mr Iswaran said in the statement that having a “professional, capable and respected local news media” is critical to Singapore’s national interest.
“They report through a Singaporean lens, so that our citizens have a good understanding of the opportunities and challenges facing our country, the choices we need to make, and our place in the world. The Government therefore supports high quality, credible journalism in our local news media,” he remarked.
Mr Iswaran went on to say that SPH had concluded that the current media business model within a listed company structure is not viable, given global technology and industry trends, and the need for significant investments in digitalisation and capability development, to which the Government agreed.
He continued, “We are supportive of SPH’s proposal to restructure and transfer SPH Media to the CLG. Our goal is to help the local news media and our journalists adapt and thrive in the digital era while maintaining the high professional standards we expect and value.
“The Government is also prepared to provide SPH Media with funding support, with fiscal discipline and accountability for outcomes in areas like digital innovation and capability development, as part of a long-term sustainable business plan.”
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Use our taxpayers money to pay these high salary but useless journalists and editors, their mismanagement staff?

 

[batman1]

So he is a "lady"??

He is a White Horse (VVIP).

 

[Scrooball (clone)]

Tim Ho Wan and NTUC Kopitiam and Foodfare are among the businesses that have seized on the "take umbrage" comment by SPH CEO Ng Yat Chung. (SCREENSHOTS: Facebook)

 

[Hypocrite-The]

SPH shares fall 15% on Friday indicates market’s low confidence in SPH leadership, proposal to restructure
by Aldgra F.
07/05/2021
in Business
Reading Time: 5 mins read
12



The Singapore Press Holdings’ (SPH) share prices dipped 15 per cent to S$1.52 after the market opened on Friday (7 May), indicating a sign of low confidence by the shareholders in SPH’s move to restructure itself and transfer its media business to a not-for-profit entity.
The company had earlier announced that it will restructure itself and transfer its media business, SPH Media, to a Company Limited by Guarantee (CLG) in the wake of declining revenue from advertising.
SPH said in a statement on Thursday (6 May) that the decision was made as part of its strategic review, which was announced on 30 Mar.
This restructuring exercise will entail transferring the entire media-related businesses of SPH including relevant subsidiaries, relevant employees, News Centre and Print Centre along with their respective leaseholds, as well as all related intellectual property and information technology assets to a newly incorporated wholly-owned subsidiary, SPH Media Holdings Pte Ltd.
SPH will provide the initial resources and funding by capitalising SPH Media with a cash injection of S$80 million, S$30 million worth of SPH shares and SPH REIT units, as well as SPH’s stakes in four of its digital media investments.
The transfer will take place at a nominal sum. The not-for-profit entity will be a newly formed public company limited by guarantee CLG.
Following the transfer, SPH will thus no longer be subject to shareholder and other relevant restrictions under the Newspaper and Printing Presses Act (NPPA).
SPH chairman convinces how the restructuring move can help to maximise shareholders’ returns
Speaking on the matter, SPH chairman Lee Boon Yang explained on Thursday that the proposed restructuring would give the company greater financial flexibility to maximise returns for shareholders.
“With the resources that SPH is providing upfront and the prospects for public-private partnership funding going forward, we anticipate that SPH Media will have a more sustainable financial future,” he noted.
Dr Lee believes that the company would then have the resources to focus on transformation efforts and quality journalism, as well as to invest in talent and new technology to strengthen its digital capabilities.
“This will ensure that the public will continue to benefit from quality information and credible news from trusted media titles and newsrooms, across different platforms and in vernacular languages,” he added.
Dr Lee concluded: “The exercise will give SPH greater financial flexibility to tailor its capital and shareholding structure to seize strategic growth opportunities across the other businesses in order to maximise returns for shareholders.”
SPH’s share prices fall, indicating shareholders’ low confidence in SPH’s restructuring plans
However, the market does not seem to agree with the SPH leadership and the MCI’s opinions, as the company’s share prices dropped considerably after the market resumed on Friday morning.
SPH’s share prices dipped 14 per cent to S$1.52 as of Friday at 12pm, a sharp fall from the previous closing at S$1.79 on Wednesday. While it rose to $1.61 at one point after a short rally, the price fell steady down to S$1.52, the lowest since April this year.

The company called a trading halt on Thursday, during which it announced the proposal to restructure and transfer its media business to CLG.

SPH CEO bristles at questions on SPH publications maintaining editorial independence
During the press briefing yesterday, SPH CEO Ng Yat Chung was asked by reporters if the plans would mean the media business would pivot to emphasize editorial integrity ahead of advertiser interests.
While pointing at the reporters, Mr Ng replied that the media outlets under SPH do not describe themselves as “bowing to the needs of advertisers in doing your job” despite where they receive their funding from.
“If I may just interject, I honestly I take umbrage at your first question. There are reporters from here who received substantial funding from various sources, and I don’t believe that you will describe yourself as bowing to the needs of advertisers in doing your job,” he remarked.
Mr Ng stressed that SPH publications have always had advertisers and that the company has “never conceded” to their needs.
“We will always continue to provide fair, reliable, credible reporting.” he added. “The fact that you dare to question SPH titles for, in your words, conceding to advertisers – I take umbrage at your comment.”
“I must call this out. (SPH) Chairman (Lee Boon Yang) is a gentleman. I am not,” said Mr Ng.
Raising his voice in concluding his answer, Mr Ng stated, “The purpose of doing this is to make sure that SPH media will continue to do the job we have done so well for so long.”
MCI declares support to SPH’s proposal for restructuring, prepared to provide funding
The Ministry of Communications and Information (MCI) had also stepped in to declare the Government’s support in SPH’s plan to restructure media business, adding that it is prepared to provide funding support to help it “build capabilities for the future”.
“It is in the interest of Singapore and Singaporeans that our local media continues to thrive and deliver quality journalism,” MCI said in a statement on Thursday.
“After SPH Media is transferred to a CLG, MCI is prepared to provide it with funding support to help it build capabilities for the future.”
Minister for Communications and Information S. Iswaran said that having a “professional, capable and respected local news media” is critical to Singapore’s national interest.
“They report through a Singaporean lens, so that our citizens have a good understanding of the opportunities and challenges facing our country, the choices we need to make, and our place in the world. The Government therefore supports high quality, credible journalism in our local news media,” he remarked.
“We are supportive of SPH’s proposal to restructure and transfer SPH Media to the CLG. Our goal is to help the local news media and our journalists adapt and thrive in the digital era while maintaining the high professional standards we expect and value.”

 

[Hypocrite-The]

SPH restructuring: Crucial to establish “firewall” between funders and newsrooms to maintain editorial independence, says media professor Cherian George
Greater scrutiny of public trusts' role in funding newspaper operations needed, says Prof George
by The Online Citizen
08/05/2021
in Media
Reading Time: 5 mins read
7



The Singapore government’s history of showing a lack of “appreciation for the principle of arms-length funding” ought to be taken into consideration when allowing it to fund Singapore Press Holdings (SPH) directly, said Singaporean academician Cherian George.
Such is why it is crucial to put up a “firewall” between funders and newsrooms, he wrote in a Facebook post on Thursday (6 May).
Prof George, a professor at the Hong Kong Baptist University’s School of Communication, expressed his lack of confidence in SPH’s ability to put in place such a firewall and to scrutinise how public trusts that fund newsrooms operate.
Such public trusts outline “the big-picture principles they expect journalists to subscribe to” — in Singapore, they should include “building a multicultural society and serving minorities” — without interfering with the minutiae of daily management.
“SPH points out correctly that the foundation/trust ownership model has a distinguished pedigree: notably, the Guardian in Britain is controlled by the Scott Trust.
“In Singapore, only the state has the deep pockets to support large newspaper companies. And the Singapore state has shown no appreciation for the principle of arms-length funding in the past,” said Prof George.
He cited the National Arts Council’s stance on projects that are critical of the government, in which the Council holds the view that money from taxpayers should not be used to fund such projects.
To avoid a “de facto nationalisation” of SPH Media, Prof George suggested that SPH’s current management shareholders and similar corporations should continue investing in SPH Media “as a national service”.
Prof George highlighted that by law, the government has the authority to decide who holds management shares in newspaper companies.
Section 11 of the Newspaper and Printing Presses Act stipulates how such shareholding can take place subject to “the approval of the Minister”.

Source: Singapore Statutes Online

“SPH management shares are currently held by the likes of Great Eastern (22%), OCBC (17%), NTUC Income (16%), Singtel (13%), DBS (9%), UOB (8%) and NUS (5%).
“It’s not an accident that management shareholders are the kind of Singapore, Inc institutions that value political stability over experiments in democratic accountability,” said Prof George, noting that it is also expected that “additional private backers will be “similarly screened, to keep out not only foreign funding (which is sensible) but also funders that are not reliably loyal to the PAP government”.
Singaporeans’ views, said Prof George, must also be taken into account before SPH proceeds with the proposed restructuring exercise — this, he posited, should be done via public consultation.
In an update to the post, Prof George stated that he had compiled some readings on public funding of media, to help Members of Parliament, journalists and other citizens ahead of the Parliament debate on Monday (10 May).
Current Minister of Communications and Information S Iswaran will be delivering a ministerial statement on SPH’s proposed restructuring.

Govt supports SPH’s plan to restructure media business, prepared to provide funding support: MCI
The Ministry of Communications and Information (MCI) said on Thursday that it is supportive of SPH’s proposal to restructure itself and transfer its media business, SPH Media, to a company limited by guarantee (CLG).

The Ministry added that the Government is prepared to provide funding support to the CLG to “help it build capabilities for the future”.
SPH earlier announced that it will be transferring its media business to a not-for-profit entity as part of its strategic review.
This restructuring exercise will entail transferring the entire media-related businesses of SPH including relevant subsidiaries, relevant employees, News Centre, and Print Centre along with their respective leaseholds, as well as all related intellectual property and information technology assets to a newly incorporated wholly-owned subsidiary, SPH Media Holdings Pte Ltd.
SPH will provide the initial resources and funding by capitalising SPH Media with a cash injection of S$80 million, S$30 million worth of SPH shares, and SPH REIT units, as well as SPH’s stakes in four of its digital media investments.
The transfer will take place at a nominal sum. The not-for-profit entity will be a newly formed public company limited by guarantee CLG.
Following the transfer, SPH will thus no longer be subject to shareholder and other relevant restrictions under the Newspaper and Printing Presses Act (NPPA).
In a statement on Thursday, MCI said that the Government is prepared to provide funding support to help SPH build capabilities for the future and accelerate its digital transformation.
“It is in the interest of Singapore and Singaporeans that our local media continues to thrive and deliver quality journalism,” the Ministry wrote.
“After SPH Media is transferred to a CLG, MCI is prepared to provide it with funding support to help it build capabilities for the future.”
It added that Minister for Communications and Information S. Iswaran will also be delivering a ministerial statement on the matter in Parliament on 10 May.
Mr Iswaran said in the statement that having a “professional, capable and respected local news media” is critical to Singapore’s national interest.
“They report through a Singaporean lens, so that our citizens have a good understanding of the opportunities and challenges facing our country, the choices we need to make, and our place in the world. The Government therefore supports high quality, credible journalism in our local news media,” he remarked.
Mr Iswaran went on to say that SPH had concluded that the current media business model within a listed company structure is not viable, given global technology and industry trends, and the need for significant investments in digitalisation and capability development, to which the Government agreed.
He continued, “We are supportive of SPH’s proposal to restructure and transfer SPH Media to the CLG. Our goal is to help the local news media and our journalists adapt and thrive in the digital era while maintaining the high professional standards we expect and value.
“The Government is also prepared to provide SPH Media with funding support, with fiscal discipline and accountability for outcomes in areas like digital innovation and capability development, as part of a long-term sustainable business plan.”

 

[laksaboy]

SPH restructuring: Crucial to establish “firewall” between funders and newsrooms to maintain editorial independence, says media professor Cherian George

Oh yeah, just like the 'firewall' between Ho Ching and Lee Hsien Loong?

Sinkieland is a totalitarian shithole, there is neither press freedom or independence, hence editorial independence is impossible. Stop selling snake oil to the public.

 

[Scrooball (clone)]

Oh yeah, just like the 'firewall' between Ho Ching and Lee Hsien Loong?

Sinkieland is a totalitarian shithole, there is neither press freedom or independence, hence editorial independence is impossible. Stop selling snake oil to the public.

These so called ‘experts’ are not making any sense.

When u tap on public funds, the govt owns u more than ever. What firewall ? Haha

 

[CPTMiller]

When you're ranked 160th for a supposedly first world country and not too far from the rankings of China and North Korea... you're peddling many things but journalism is not one of them.

Too much state control and how to perform professionally??

 

[Hypocrite-The]

What is going on with SPH & why its media business is going non-profit, explained
Mothership Explains: We explain why print advertising is forcing SPH to restructure its business into a non-profit.
Joshua Lee |

May 08, 2021, 08:49 AM

The Singapore Press Holdings (SPH) took the spotlight on May 6 and it wasn't just because of the umbrage that its CEO, Ng Yat Chung, took.
While the public and local memelords are having a field day with Ng's comment, the bigger piece of news is that SPH is restructuring its media business into a not-for-profit entity — big enough for media academic Cherian George to call it the "biggest shake-up of Singapore’s news media industry in decades".






Why does SPH want to turn its media business into a non-profit?

In short, like any publicly listed company, SPH faces pressure to provide its shareholders with dividends. But the dividends have been shrinking over the years in tandem with the shrinking profits from its media operations.
Why is that so?
Because of advertising dollars, specifically the lack of it.

The decline of print advertising

SPH said that its operating revenue has dropped by half in the past five years, due "largely to a decline in print advertising and print subscription revenue".
Print advertising, referring to advertisements in newspapers and magazines, have indeed been decreasing thanks to the rise of Google and Facebook who provide platforms for online advertising.
Those who remember reading newspapers 20 years back would recall that the papers used to be bulging with pages and pages of advertisements. Think full-page advertisements and a thick Classifieds section.
Selling advertisement space is how newspapers make money, apart from their subscription revenue.
But for years now, advertisers have been flocking to digital advertising — like the ones you see on this page — because readers are spending an increasing amount of time online.
The switch to digital advertising affects all media companies, but the impact on SPH is disproportionately large because it owns (and publishes) all the newspapers in Singapore (the Straits Times, Lianhe Zaobao, Berita Harian etc.)




SPH recorded first-ever loss in 2020

That said, SPH has been making some profits over the years. But last year, exacerbated by the Covid-19 pandemic, SPH went into the red.
The company said in its May 6 announcement:

"[SPH] recorded its first-ever loss of S$11.4 million for the financial year ended 31 August 2020. If not for the Jobs Support Scheme (JSS), the loss would have been a deeper S$39.5 million."

SPH added that its media business incurred a pre-tax loss of S$9.7 million (not including JSS grant) for the six months which ended on February 28, 2021.
While SPH has other businesses (property, student hostel accommodation, and nursing home facilities) which are performing relatively well, the conglomerate's shareholders (who invested in SPH and expect regular dividends in return) aren't likely to be happy about the business subsidising its loss-making media operations.
SPH said as much — that being subject to "expectations from shareholders of profitability and regular dividends" is no longer a sustainable model for its media business.
While SPH's media operations had still been turning a profit prior to Covid-19, revenue has been declining over the years. George underscored this point when he said:

"In many cases, editorial capacity [in corporate media] has been shrunk not because companies are making losses, but because they are not profitable enough."

Turning the company into a CLG

SPH proposes to spin off its media business into SPH Media Holdings Pte Ltd, a Company Limited by Guarantee (CLG), injecting S$80 million in cash as well as S$30 million in SPH shares and SPH Reit units into the new entity.
Such a model is usually used by non-profit organisations, which need corporate status to perform certain functions, like borrowing credit and buying or selling property.
Examples of local CLGs include the National University of Singapore, The Esplanade, Temasek Foundation and The Arts House.
Examples of overseas media companies that operate as non-profits include The Guardian which is controlled by the Scott Trust, German media conglomerate Bertelsmann, and the Philadelphia Inquirer, which is owned by the Lenfest Institute.

Removing shareholder pressure

One of the immediate benefits of the new arrangement is that SPH Media won't face shareholder pressure.
Unlike the listed company that SPH is, a CLG cannot raise funds by issuing shares, so it has no shareholders to answer to (and correspondingly, no dividends to pay out).
Instead, it has members who act as guarantors. These guarantors will agree to pay a nominal sum (it can be as low as S$1) if the CLG folds. Hence the liability for members is limited to the guarantee.
SPH said that moving to a CLG structure will allow its media business to focus on "transformation efforts and quality journalism, as well as to invest in talent and new technology to strengthen its digital capabilities".

Open to a range of public and private funding

The next benefit is that the new structure will open SPH Media to "a range of public and private sources with a shared interest in supporting quality journalism and credible information", said the conglomerate.
It won't shield SPH from the same decline in print advertising that has decimated its media revenue, but funding can help to plug the gaps left by advertising dollars — if SPH Media can find people and organisations to support it financially.




Private funding can come from foundations, philanthropic groups and wealthy individuals, though one does wonder how many of them here in Singapore are able (and willing) to fund the costly business of printing the news in the long run.
Funding can also come from the Singapore government, who is likely to be the party with the deepest pockets and the motivation to do so.
Former SPH editor Bertha Henson surmised that the proposal to restructure into a CLG was mainly to allow funding from the government. George, in his piece for the South China Morning Post opined that the government will become a "major patron of the press".
And indeed, shortly after SPH made its announcement, the Ministry of Communications and Information (MCI) said that it supports the restructuring, subject to shareholder approval, and is willing to provide financial support:

"Our goal is to help the local news media and our journalists adapt and thrive in the digital era while maintaining the high professional standards we expect and value."

Former editor of Today and The New Paper, PN Balji told Mothership that from a commercial point of view, spinning the media arm off is "the right decision":

"From the editorial point of view, honestly it cannot get worse than it is now, right? So no big deal. The bigger question really.....is can it attract talent?"

Mothership Explains is a series where we dig deep into the important, interesting, and confusing going-ons in our world and try to, well, explain them.
This series aims to provide in-depth, easy-to-understand explanations to keep our readers up to date on not just what is going on in the world, but also the "why's".

 

[batman1]

<“After SPH Media is transferred to a CLG, MCI is prepared to provide it with funding support to help it build capabilities for the future.”>
The new company (CLG) will probably be the govt mouthpiece funded by MCI (Ministry of Communications & Information) where Josephine Teo will be the new MCI Minister from 15-5-2021.

 

[Hypocrite-The]

Why is our government using our reserve to support incompetency & failures? – The Online Citizen Asia
by Joseph Nathan
When Singapore Press Holdings (SPH) announced their restructuring yesterday, concerned Singaporeans were unconvinced by their self-justification in turning our national broadsheet into a “not-for-profit” organization.
For forty over years, SPH has benefited from the near monopoly in the Straits Times (ST) as a result of our Newspaper and Printing Presses Act of 1974, and also from the endless governmental grants & transfers, concessions and spending.
For SPH to surrender the media business back into the public domain as a “not-for-profit” organization when it has become so toxic means our Government will now have to use our hard-earned reserve to socialize away their latest colossal failure for good.
This is not only financially untenable in the use of our reserve but is also not desirable as it means that we are actually rewarding corporate incompetency and failures across our government linked entities.
It is like the clubhouses in the Premier League telling the Football Association of Singapore (FAS) to allow them to transfer away their football obligation, such as in the upkeep of the football team, while they get to enjoy the benefits and income from their game-machines, betting outlets and past assets that were acquired.
It is unethical of anyone to be using our government and our reserve to socialize away cost while profiting privately the profit.
Such absurdities, or free-riders, must be stopped before they manifest into the new norms.
Dangerous Precedents:
To add salt to the indignant felt by Singaporeans, it does not help when the Ministry of Communications and Information (MCI) sequenced its announcement, like a well-rehearsed orchestral, that it is supportive of SPH’s restructuring and that S. Iswaran, its minister, will deliver a ministerial statement in Parliament on 10 May (Monday).
Why is our government putting itself at risks of being accused of being supportive of corporate incompetency and failures instead of holding the senior executives at SPH to account for their failure to keep SPH commercially viable despite all the supports it has been getting?
Is our government setting up unwarranted precedents in rewarding corporate failures across our government-linked entities, and is this the way forward on how our government plan to use our hard-earned reserve?
Guess it will be helpful to see how many politicians in Parliament, who had previously advocated prudent use of our reserve even when it comes to helping hard-hit Singaporeans in the current pandemic, will be voicing their concern or objecting to the proposed statement by MCI on Monday.
Umbrage – The New Annoyance:
It does not help when its CEO Ng Yat Chung explicitly took “umbrage” at a reporter from CNA when asked if “the media business will now pivot to emphasize editorial integrity, for example, ahead of advertisers’ interests.”
Ng’s display of anger towards the reporter is clearly unwarranted as she was just doing her due diligent as a journalist and has every right to be asking some hard questions on behalf of her readers.
His latest outburst has exemplified what could be fatally wrong at SPH – the failure of their journalists to be asking hard questions with courage and integrity in their pursuit of editorial integrity on behalf of their readers.
In this age and time, who will be bothered to pay to read what TST is printing when its contents are largely just copies of press releases, advertisements or lifted off other sites without value-adds?
Is the toxic editorial culture at SPH a result of senior executives like Ng who may be intolerance towards being asked hard questions?
As such, senior editors in SPH are now drawn into the saga and it will be good to see how many of them will have the courage to stand for up in defence of the right of their journalists to be asking what need to be asked, even if the person is their CEO.
Even netizens were actively circulating one of Ho Ching’s latest Facebook posting of an image that carried a Pythagoras’ saying “In anger, we should refrain from both speech and action”.
How much more damages can Singapore Tolerate?
Ng is notoriously known for the sale of Neptune Orient Lines (NOL) after it became a loss making investment under his stewardship. Singaporeans were naturally upset when the French buyer turned the business around profitably within months of their acquisition.
For years, concerned Singaporeans have been raising their concerns that Ng will bring SPH to its knee, the way he has brought NOL to its knee.
Well, that day has come true but who is going to take responsibility for it now?
Can the person who placed him at SPH despite all these warnings please raise your hand?
Should Singapore allow Ng another chance to try his luck with another profit-making entity to see if he will be third time unlucky?
To be fair to Ng, I don’t think the 4G PAP politicians can even name one ex-general who had done well in either our public or private sector since their retirement from the forces.
As such, the larger blame in this latest saga should fall on the one who started the recruitment of all these retired ex-generals instead of allowing them to retire.
Will PM Lee listen to the ground and end this horrible ideology before Singapore gets bankrupted by these ex-generals?
Market Sentiment:
The best gauge of market sentiment for listed SPH is to look at its latest stock price. It closed previously at S$1.79 and has since fallen by more than 15% to S$1.52 at time of writing. Even investors are selling down on SPH.
If our government were to allow this saga to continue as planned without hauling the senior executives at SPH to accountability, and also those senior public servants at MCI for implicating their ministry with this highly contentious saga, then it will lose its further credibility in its governance.
Singaporeans will also want to know if our government has the right to keep using our reserve so casually to rescue money-losing entities like SPH.
Guess concerned Singaporeans will be watching closely how our government will be responding to this whole saga in Parliament on Monday as it will shows if they still truly believe that Singapore deserves better…
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[Hypocrite-The]

Can we afford to watch as ex-generals destroy our nation? – The Online Citizen Asia
by Joseph Nathan
Dr Goh Keng Swee who laid the foundation stones of Singapore’s economy and defence forces, has warned us about allowing politicians to manage our economy, knowing well that they will be clueless about the business of enterprising or what innovation is all about.
Now when clueless politicians start bringing in ex-generals to support their failed mission in governing our country and our economy, we saw how badly prepared Singapore was when the pandemic first hit us.
We saw how our world class MRT and NOL ended up as failures.
Now, we are witnessing how they had bring Singapore Press Holdings (SPH) to its knee and expect our government to use our reserve to bail them out.
Is SPH too big to fail?
Even if SPH is folded up or acquired by Mediacorp, we will still have our local news covered.
For citizens, there is literally no impact on our life whether SPH is kept alive on our reserve or divested to Mediacorp.
But for the politicians, it is like trading away their double-barrelled machine guns, which had served them well, and exchanging it for a single-barrelled gun. They are frightened by this loss of media-bullets.
Well, if we keep allowing the 4G politicians and ex-generals to lead our country, our future as a nation will be in serious jeopardy.
Look at how the 4G politicians are ruining the once respected People’s Action Party (PAP), and how much “hiccups” had occurred in their succession planning.
If they cannot get their party in order, how can they get our country in order?
Sad but true, l have to concur with Lee Kuan Yew’s vision that “that day has come when the PAP become irrelevant and will be voted out of power.”
Guess Heng Swee Keat, a prodigy of Lee Kuan Yew, shared his foresight to “step aside” and not be a part of the fall of the PAP.
PAP will most probably be destroyed by the “elites”, similar to the way how NOL, our MRT, our Gold Standard in Public Healthcare and SPH, SIA, Keppel Corporation and etc are destroyed.
Without talents and people with real leadership to save the PAP from itself, Singaporeans must wake up to this Hard Truth that if they cannot save themselves from their own follies, how can they save Singapore?
Unless we want Singapore to be ruined beyond hope, let’s appeal to the few good politicians left in Parliament to have the courage to speak up patriotically and start holding incompetent politicians and their failures to account.
As for the ex-generals, let’s give them meaningful mission like cleaning up our roads or helping to clean up our hawker centres etc, things that they can do well.
Let’s have the collective courage to be patriotic if we still believe that Singaporeans deserve better…
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[tyudm]

Announcing the move on Thursday (May 6), SPH chairman Lee Boon Yang said the transfer will enable the media business to focus on quality journalism and invest in talent and new technology to strengthen its digital capabilities.

Is this quality journalism or a piece of propaganda praising our government?
https://www.straitstimes.com/singap...t-gears-up-for-massive-airport-building-works


How the fuck that female writer knew so much about constructions
details if Changi Airport Group have not fed her?

As a journalist why she didn't ask question like;
Where and how do you find 20,00 workers?
How much levies we could collect?
How and where do you intend to house them?
What about food?
How and where do they eat?
During their off days where do they go?
Will their presence affect our water supply and transport?
What kind of social problems do you envisage?
Will the migrants congregate in Little India?
Why do we need such a big airport?

None of the above question was asked they simply published what was provided by the airport group
Quality journalism?