SPH Media Trust (SMT)
Formerly Singapore Press Holdings Limited (SPH), the company has been operating under the name SMT since December 2021. It 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 was formerly listed on the Singapore Exchange, with public shareholders accounting for over 99% of equity holdings. The company also issued management shares that conferred significant board appointment powers, primarily to government bodies and state-linked entities, thereby allowing them to wield decisive influence over the company’s strategic direction. This arrangement underscored the historically close relationship between SPH’s board and the Singapore government—a relationship that has long drawn scrutiny from media analysts and observers.
Pursuant to Singapore’s print media regulations, all transfers of management shares in publishing companies require prior approval from the Ministry of Information, Communications and the Arts, reflecting the state’s enduring oversight in this sector.
In December 2021, SPH completed the much-anticipated divestment of its media business, transferring all related operations to the newly established SPH Media Trust (SMT), incorporated as a company limited by guarantee (CLG) and structured as a not-for-profit organisation. This major restructuring was, by most accounts, a response to mounting economic headwinds, as the company’s traditional media outlets grappled with declining revenues and fundamental shifts in the media landscape.
Despite official assurances from SMT’s senior management affirming the new organization’s independence, questions have persisted about the extent of its autonomy. Notably, Khaw Boon Wan—a veteran member of the ruling People’s Action Party (PAP)—was appointed as SMT’s chairman, a move seen by some as emblematic of ongoing government influence.
Source of funding and budget
SMT’s finances are largely underpinned by a blend of commercial revenue—primarily from advertising—and direct state funding. The media group, like many of its global counterparts, has faced a persistent downturn in profitability, buffeted by falling ad spend and diminishing print circulation. While SMT’s predecessors had long kept the extent of public funding tightly under wraps, recent years have seen a shift towards greater financial transparency.
In July 2023, an internal review unearthed inconsistencies in reported circulation data, prompting the government to issue stern warnings regarding potential cuts in planned funding to SMT. Earlier, in 2022, the Singapore government had earmarked S$900 million to support SMT over the 2023-2027 period, with the first tranche disbursed in March 2023. This state support came with strings attached: funds were to be channelled into technology upgrades, talent development, and the strengthening of vernacular media offerings. Government figures show S$320 million was disbursed to SMT in the 2022-2023 financial year, underscoring the extent of official backing amid an era of unprecedented industry upheaval.
Against this backdrop, SMT’s revenue from its media business fell nearly 24% year-on-year to S$193.1 million (US$143 million) by the end of the August 2021 fiscal cycle, according to its own accounts. The group has also borne significant restructuring costs, now exceeding S$243.3 million (US$180 million) in efforts to steady the ship amid rough financial waters.
For the fiscal year 2024, the Singapore government provided S$260.6 million in funding to SMT, as part of the support scheme. In addition, performance incentives of up to S$28.9 million were budgeted, contingent on meeting key performance indicators around digital reach, youth readership, and vernacular outreach. SMT did not meet all its KPIs for 2024, which resulted in it not receiving the full potential amount of government funding.
Editorial independence
SMT’s newsrooms have long found themselves walking a tightrope, often perceived as government-aligned due, in no small part, to the company’s governance and board composition. The editorial pressure reportedly stems from the highest echelons of management, populated by individuals with strong ties to the corridors of power. At the time of SMT’s reconstitution in late 2021, a public pledge was made to safeguard the editorial independence of its news outlets; in practice, however, the jury is still out on whether these promises hold water.
As of mid-2025, Singapore’s media landscape continues to lack statutory guarantees or independent oversight mechanisms that might credibly certify the independence of newsrooms under SMT’s umbrella. Observers interviewed for this report in March 2025 note that media freedom in Singapore remains a hot-button issue, with many pointing to the enduring overlap between political authority and media governance as a point of persistent contention.
In July 2025, SMT engaged in talks with China’s state-run Xinhua News Agency to deepen media collaboration, focusing on mutually beneficial exchange and “jointly telling the China-Singapore development story”—a signal of SMT’s intentions to strengthen regional influence, but also a sign of openness to collaboration with state-controlled media in China.
To date, no domestic statute and no independent assessment mechanism that would validate the independence of the media outlets run by SMT have been identified.
July 2025