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Business deals

Singapore Press shareholders approve media spinoff plan

Straits Times and other publications to be transferred to nonprofit entity

SPH's radical restructuring plan gained support from 97.55% of the votes cast at an extraordinary general meeting, held virtually on September 10. (Source photos from Getty Images and Singapore Press Holdings' website)

SINGAPORE -- Shareholders of Singapore's dominant newspaper group on Friday approved a restructuring plan that entails spinning off the 176-year-old Straits Times and other media assets in one of the biggest industry shake-ups in the country's history.

With the approval, Singapore Press Holdings will split, with the media assets falling under the umbrella of a nonprofit entity and the company itself moving forward mostly as a property concern.

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