SINGAPORE -- Singapore Press Holdings, the publisher of the 175-year-old Straits Times newspaper, will transfer its financially troubled media business to a nonprofit group as a step to maintain quality journalism, the company said Thursday.
SPH will first transfer all of its media operations and assets, including newspapers and publishing outfits, to newly established, wholly owned subsidiary SPH Media Holdings. The parent will later inject the unit with 80 million Singapore dollars ($60 million) in cash, as well as SG$30 million in SPH shares along with real estate investment trust units.
