More than 400 staffs from Singapore’s state propaganda media, Singapore Press Holdings (SPH), will be retrenched as the organisation run into hefty losses from falling readership.
In it’s 154th ranking for press accuracy fashion, SPH called the retrenchment exercise “right-sizing” and blame the internet for the rise of free news media:
“In view of the changing media landscape, SPH will be carrying out a right-sizing exercise across the Group to reduce operating costs. This will involve a staff reduction of up to 10% over two years through attrition, retirement, non-renewal of contracts, outplacement and retrenchment.”
Tabloid newspaper infamous for fabricating defamatory articles against government critics, The New Paper (TNP), will be shut down and their staffs will merge with free propaganda daily, My Paper.
SPH however refuse to declare how much losses TNP have gone into and instead praise the shut-down as “part of its DNA”:
“The New Paper currently has daily average sales of more than 60,000 which means over 60,000 people are prepared to pay 70 cents each day for the paper. Merging TNP with My Paper, making it free and increasing its circulation to up to 300,000 copies, is a bold decision to serve our readers with a strong product and with revamped content. TNP has a long tradition of remaking itself to stay attuned to readers’ interests and needs. That’s part of its DNA. So now, we’re making it new again, and planning a product that we believe both readers and advertisers will find appealing.”
Although SPH is retrenching 10% of its more than 4,000 staffs, the organisation is still profitable at S$265.3 million for the financial year of 2016. Directors and higher management will still enjoy bonuses, while shareholders will continue to receive dividends.
The newspaper company divested into property, which has been cushioning its losses over the years.