13 Oct '17, 4am

Singapore Press Holdings moves forward job cuts as troubles compound

The mood at Singapore Press Holdings was sombre on Thursday after chief executive Ng Yat Chung revealed to staff that the company is cutting 230 jobs across the organisation at a town hall meeting, a day after announcing its annual results, leaving many shocked. The beleaguered media conglomerate had announced just the previous day that it was moving forward its retrenchment exercise from 2018, despite seeing a full year net profit that rose 32% to almost $350m from the previous financial year, while group operating revenue fell by 8.2% to $1.03bn. Its advertising revenue fell by $103m and circulation revenue dropped by $8.7m. Quoting sources in SPH, Yahoo! reported that reporters, photographers and sub-editors from The Straits Times, The Business Times and Chinese language daily Lianhe Zaobao were all let go on Thursday before the town hall meeting, as they came to work t...

Full article: http://www.thedrum.com/news/2017/10/13/singapore-press-ho...

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