Singapore Press to Spin Off Media Into Non-Profit Entity
- Company has approached government with media restructure plan
- Conglomerate swung into first full-year loss last year
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Singapore Press Holdings Ltd., owner of the country’s flagship daily newspaper, plans to spin off its media business into a non-profit entity after conducting a strategic review of its businesses.
Faced with a steadfast decline in the media business, Singapore Press -- which also invests in properties from shopping malls to student accommodation -- has approached the government with a proposal to put the unit on a sustainable financial footing, it said in a statement on Thursday. The government has indicated its support for the restructure, it said.