Singapore Press Holdings Limited (SPH), known as SMT since December 2021, is a media company in Singapore that runs print media outlets, news portals and radio stations. The group also has investments in real estate. Some of its key assets include The Straits Times and The Business Times in English, Lianhe Wanbao and Lianhe Zaobao in Chinese, Berita Harian in Malay and Tamil Murasu in Tamil.
Media assets
Publishing: The Business Times, The New Paper, The Straits Times, Tabla!, Lianhe Wanbao, Lianhe Zaobao, Shin Min Daily News, Berita Harian, Tamil Murasu
Radio: Money FM, One FM, Kiss 92, Hao FM, UFM
State Media Matrix Typology: Captured Public/State-Managed (CaPu)
Ownership and governance
SPH used to be a publicly listed company with nearly all shares (over 99%) held by the public. The company also issued management shares through which state agencies and state-run companies had the power to appoint people on their board of directors and influence the company’s internal affairs. Traditionally, there have always been close links between the directors of SPH and the Singapore Government.
As part of the print media regulations in Singapore, all transfers of management shares in publishing companies in the country have to be approved by the Ministry of Information, Communications and the Arts.
In December 2021, SPH completed the transfer of all its media assets to a new company, SPH Media Trust (SMT), a company limited by guarantee (CLG). The move has been apparently prompted by economic reasons, mostly the financial hardships experienced in recent years by the media outlets run by SPH.
Although high officials at the new group promised that SMT will be totally independent, Khaw Boon Wan, a member of the governing People’s Action Party (PAP) was appointed SMT’s chairman.
Source of funding and budget
SMT is funded through a combination of commercial revenues, mostly advertising sales, and state budget allocations. In recent years, the company has seen its profitability dive, primarily as a result of the decline in advertising spending and dwindling newspaper circulation. As the company in the past did not disclose the funds that it receives from the government, the share of state funding in its total budget has remained a mystery for a long time. In recent years, however, more detailed information about SMT has been made public.
In July 2023, as a response to an internal review that found reports of inflated circulation figures, the government warned that it might cut the funds planned to be allocated to SMT. In 2022, the Singapore government had announced that it earmarked some S$ 900m to support SMT over the period 2023-2027. The first installment was already disbursed in March 2023. The funds from the government need to be spent on technology update, talent development and vernacular media output.
The company’s revenue from the media business in the fiscal year ending August 2021 declined by nearly 24% to S$ 193.1m (US$ 143m), according to data reported by the company. The company’s media business has incurred to date more than S$ 243.3m (US$ 180m) in restructuring costs.
Editorial independence
SMT’s media outlets are perceived as government mouthpieces. The pressures are mostly coming from the top governing structures of the company that consist of people with close ties with the government. Following the corporate changes that took place at SMT in December 2021, the company’s leadership promised that SMT’s editorial independence will be guaranteed, yet it is too soon to assess whether this promise has been fulfilled.
No domestic statute and no independent assessment mechanism that would validate the independence of the media outlets run by SMT have been identified.
October 2023