Singapore Press Holdings

Singapore Press Holdings Limited, commonly known as SPH, was one of Singapore’s most important media and diversified corporate groups. Established in 1984 through the merger of The Straits Times Press Group, Singapore News and Publications Limited, and Times Publishing Berhad, it consolidated much of the country’s newspaper publishing activity. Its principal titles included The Straits Times, The Business Times, The New Paper, Lianhe Zaobao, Lianhe Wanbao, Shin Min Daily News and Berita Harian, alongside magazines, digital publications and associated media services. SPH operated in a highly regulated media environment. Before its media operations were separated, the company was governed by Singapore’s Newspaper and Printing Presses Act, which provided for management shares with enhanced voting rights and required government approval for certain share transfers and appointments. The regulatory framework, combined with the importance of its newspapers to Singapore’s public information system, gave SPH a distinctive position between a conventional listed company and a public-interest media institution. Several prominent former Singapore officials held senior positions at the company, contributing to its close association with the state-linked media system. The group expanded beyond newspapers during the 2000s. Through SPH MediaWorks, it entered free-to-air television in 2001 with Channel U in Mandarin and TVWorks, an English-language service later renamed Channel i. The television venture was sold to Mediacorp at the end of 2004; Channel i closed in January 2005, while Channel U continued under Mediacorp. SPH also held interests in Today and Mediacorp’s television operations for a period, although those interests were later sold. Other diversification initiatives included magazines, digital publishing, events, retail, telecommunications, healthcare and property. As Singaporean audiences increasingly consumed news online, SPH faced stagnating readership and persistent pressure on its traditional advertising and circulation model. The COVID-19 pandemic intensified the financial strain. In 2020 the company reported a net loss of S$83.7 million for the financial year, with the downturn affecting its major businesses. SPH responded by separating its media operations from its commercial assets. In December 2021, its newspapers, digital media, printing facilities, intellectual property, information-technology assets and approximately 2,500 employees were transferred to SPH Media Trust, a company limited by guarantee. Khaw Boon Wan became chairman of the new media organisation. The listed SPH entity consequently retained mainly property, aged-care and other non-media interests. Its portfolio included Paragon, The Clementi Mall and The Seletar Mall, while its real-estate investment trust, originally SPH REIT, held retail properties in Singapore and Australia. SPH also owned or invested in businesses such as Orange Valley Healthcare, M1 and sgCarMart. The company was acquired by Cuscaden Peak in 2022 and delisted from the Singapore Exchange on 13 May of that year. After the acquisition, the surviving property and investment business was renamed Cuscaden Peak Investments. The SPH media legacy continues primarily through SPH Media Trust rather than through a separately operating SPH corporate group.

Singapore Press Holdings was formed on 4 August 1984 by combining The Straits Times Press Group, Singapore News and Publications Limited, and Times Publishing Berhad. The merger created a central corporate home for Singapore’s principal newspaper businesses and established SPH as a major institution in the country’s communications sector. Its publishing portfolio eventually covered English, Chinese, Malay and Tamil audiences, with The Straits Times becoming its best-known title and The Business Times serving business readers. SPH developed within Singapore’s regulated newspaper industry. The Newspaper and Printing Presses Act required newspaper companies to issue management shares and gave those shares enhanced voting power in matters including director and staff appointments. Transfers of management shares also required ministerial approval. This structure distinguished SPH from an ordinary listed media company and reflected the government’s view that newspaper publishing had national significance. The company’s leadership included figures with senior public-sector and political backgrounds, reinforcing its place within Singapore’s state-linked media environment. During the 1990s and 2000s, SPH expanded into magazines, digital services, radio, television and events. Its most prominent diversification attempt was SPH MediaWorks, established in 2000. After receiving a nationwide free-to-air television licence in 2001, the subsidiary launched Mandarin Channel U and English-language TVWorks. TVWorks was renamed Channel i in 2002. The television business was sold to Mediacorp in 2004; Channel i closed soon afterward, while Channel U continued under Mediacorp. SPH retained associated interests in Mediacorp and Today for a period, but disposed of those holdings in 2017. The company also pursued non-media growth. It acquired sgCarMart in 2013, invested in the M1 telecommunications business with Keppel, operated the Buzz convenience chain and developed a substantial property portfolio. Its real-estate assets included Paragon, The Clementi Mall and The Seletar Mall. Through SPH REIT, it held interests in retail properties in Singapore and Australia, including Westfield Marion. In healthcare, subsidiary Invest Healthcare acquired nursing-home operator Orange Valley Healthcare in 2017. These activities increasingly reduced SPH’s dependence on print advertising and circulation, although newspapers remained central to its identity. The long-term shift from print to online news weakened the economics of the traditional publishing business. Readership growth stagnated from the early 2000s, while digital consumption changed advertising and distribution patterns. The COVID-19 crisis added further pressure, and SPH reported a net loss of S$83.7 million for the financial year reported in October 2020. The company also streamlined or exited selected activities, including moving Torque from print to digital and divesting Buzz. In May 2021, SPH proposed transferring its media operations to a company limited by guarantee. Shareholders approved the plan at an extraordinary general meeting in September, and the transaction was completed on 1 December 2021. SPH Media Trust received the newspaper and digital publishing businesses, printing and news facilities, intellectual property, information-technology assets and approximately 2,500 employees. Khaw Boon Wan was appointed chairman of the new media entity. The transfer also removed the former media business from the listed SPH company and ended the direct corporate ownership of the newspapers by SPH. The remaining SPH business was primarily a property and investment group. Cuscaden Peak, a consortium involving Hotel Properties, CLA Real Estate Holdings and Mapletree Investments, acquired the company in 2022. SPH was delisted from the Singapore Exchange on 13 May 2022 and subsequently renamed Cuscaden Peak Investments. The SPH name therefore describes a former listed conglomerate, while its media heritage continues through SPH Media Trust and its property-related assets continue under the Cuscaden Peak structure.

1. 2022SPH is acquired and delisted

   Cuscaden Peak acquires SPH, which leaves the Singapore Exchange on 13 May.

   Source
2. 2021Media business transferred to SPH Media Trust

   SPH completes the transfer of its media assets, infrastructure and approximately 2,500 employees to SPH Media Trust.

   Source
3. 2019SPH REIT acquires a stake in Westfield Marion

   The group’s retail property vehicle acquires a 50 percent interest in Westfield Marion in Australia.

   Source
4. 2013sgCarMart is acquired

   SPH expands its digital services portfolio with the acquisition of the automotive marketplace sgCarMart.

   Source
5. 2004Television business sold to Mediacorp

   SPH exits direct television operations through a sale to Mediacorp.

   Source
6. 2001SPH begins television broadcasting

   Channel U and TVWorks launch after SPH receives the second nationwide free-to-air terrestrial television licence.

   Source
7. 2000SPH MediaWorks is established

   SPH creates a subsidiary to enter Singapore’s broadcasting market.

   Source
8. 1984Singapore Press Holdings is formed

   SPH is created through the merger of three publishing organisations: The Straits Times Press Group, Singapore News and Publications Limited, and Times Publishing Berhad.

   Source

A mass-market and public-interest Singapore media group that later diversified into property, healthcare, telecommunications and digital businesses.

• The Straits TimesEnglish-language newspaper

  SPH’s flagship English-language newspaper and one of Singapore’s principal general-news publications. It covered domestic politics, business, society, culture, sport and international affairs, supported by a network of correspondents in Singapore and overseas. The title was transferred to SPH Media Trust in 2021.

• The Business TimesBusiness newspaper

  A business-focused newspaper serving readers interested in Singaporean and regional companies, markets, finance, economics and corporate affairs. It formed part of SPH’s specialist publishing portfolio before the media division was transferred to SPH Media Trust.

• Lianhe ZaobaoChinese-language newspaper

  A major Chinese-language daily associated with SPH’s multilingual newspaper portfolio. Its coverage addressed Singapore, China, regional affairs, business and community issues, and it was transferred to SPH Media Trust as part of the 2021 restructuring.

• Channel UTelevision channel2001

  A Mandarin free-to-air television channel launched by SPH MediaWorks in 2001. After SPH sold its television operation to Mediacorp, Channel U continued as a Mediacorp service rather than remaining an SPH-owned product.

• sgCarMartAutomotive digital marketplace

  An online automotive marketplace acquired by SPH in 2013. It provided vehicle listings and related motoring information and also became the digital home for Torque after the latter’s print operation ended. sgCarMart was sold to a Toyota Financial Services-led consortium in 2022.

• ParagonRetail and office property

  A prominent retail and office complex on Orchard Road, Singapore’s main shopping boulevard. Paragon formed part of SPH’s property portfolio and later remained associated with the group’s retail-focused real-estate interests.

• SPH REITReal-estate investment trust

  A Singapore-based real-estate investment trust established around income-producing retail properties. Its portfolio included Paragon, The Clementi Mall, The Rail Mall and Westfield Marion. The vehicle was renamed Paragon REIT in January 2023 after SPH had ceased to exist as an independent listed group.

• 2010NewspaperSG digitisation initiative

  Singapore

  SPH worked with the National Library Board to make digitised Straits Times articles accessible through NewspaperSG at NLB libraries.

  Outcome. Expanded public access to the newspaper archive.

  Source
• 200925th-anniversary corporate identity refresh

  Singapore

  SPH marked its 25th anniversary by introducing a new corporate logo, publicly launched on 30 March 2009.

  Outcome. Updated the group’s corporate identity.

  Source

• 2022Accept acquisition by Cuscaden PeakM&A

  After the media separation, SPH’s remaining portfolio consisted mainly of property and other non-media investments.

  What changed. Cuscaden Peak acquired SPH and took it private.

  Aftermath. SPH was delisted on 13 May 2022 and the surviving business was renamed Cuscaden Peak Investments.

  Source
• 2021Separate the media divisionStrategy

  Stagnant readership, the migration of news consumption online and shareholder pressure led SPH to reconsider its ownership structure for the media business.

  What changed. SPH transferred its media assets, intellectual property, technology, facilities and approximately 2,500 employees to SPH Media Trust, a company limited by guarantee.

  Aftermath. The listed SPH entity was left primarily with property, healthcare and investment activities, while the newspapers continued under SPH Media Trust.

  Source
• 2019Move Torque from print to digitalGeneration change

  Changing media consumption patterns weakened the economics of specialist print magazines.

  What changed. SPH stopped publishing Torque as a print publication and placed its operation under sgCarMart.

  Aftermath. Torque continued as a digital-oriented motoring property.

  Source
• 2000Enter free-to-air televisionStrategy

  SPH sought to diversify its media operations beyond newspapers and received Singapore’s second nationwide terrestrial television licence.

  What changed. It formed SPH MediaWorks and launched Channel U and TVWorks, later renamed Channel i.

  Aftermath. The television business was sold to Mediacorp in 2004, and Channel i closed in 2005.

  Source

• 2022sgCarMart sold to a Toyota Financial Services-led consortium

  A consortium led by Toyota Financial Services Singapore acquired sgCarMart from SPH.

  M&A
  Source
• 2022Cuscaden Peak acquires and delists SPH

  SPH was acquired by Cuscaden Peak and ceased to be listed on the Singapore Exchange on 13 May 2022.

  M&A
  Source
• 2021SPH proposes transferring its media business to a company limited by guarantee

  The company proposed separating its loss-making media business from the listed entity in response to structural pressure on print publishing and shareholder concerns.

  Other
  Source
• 2021Shareholders approve SPH media restructuring

  An extraordinary general meeting approved the transfer of SPH’s media assets, staff and related infrastructure to SPH Media Trust.

  Other
  Source
• 2021SPH completes transfer of media assets to SPH Media Trust

  The transfer included newspapers, digital assets, intellectual property, information technology systems, printing facilities and approximately 2,500 employees.

  Other
  Source
• 2020SPH divests Buzz convenience-store chain

  SPH sold its wholly owned Buzz modern retail and convenience business to Thai-Pore Enterprise.

  M&A
  Source
• 2020SPH removed from the Straits Times Index

  SPH was removed from Singapore’s benchmark Straits Times Index during a quarterly constituent review.

  Other
  Source
• 2020SPH reports a COVID-19-affected annual loss

  SPH reported a net loss of S$83.7 million for the financial year, attributing the result to the pandemic’s impact across its major business segments.

  Other
  Source
• 2019SPH restructures Torque as a digital operation

  The company discontinued the print edition of Torque and moved the motoring publication into a digital model under sgCarMart.

  Product generation
  Source
• 2019SPH and Keppel gain control of M1

  SPH and Keppel Corporation jointly obtained majority control of telecommunications operator M1 through a joint offer and subsequent acquisition structure.

  M&A
  Source
• 2017Ng Yat Chung becomes SPH chief executive

  Former Chief of Defence Force and Neptune Orient Lines chief executive Ng Yat Chung succeeded Alan Chan as SPH chief executive.

  Leadership change
  Source
• 2017SPH sells remaining Mediacorp and Today interests

  SPH completed the disposal of its interests in Mediacorp’s television operations and Today newspaper.

  Other
  Source
• 2013SPH acquires sgCarMart

  The group expanded its digital classified and automotive services portfolio through the acquisition of sgCarMart.

  M&A
  Source
• 2010NewspaperSG makes digitised Straits Times archives available

  A collaboration with Singapore’s National Library Board enabled public access to digitised Straits Times articles through NewspaperSG at NLB libraries.

  Other
  Source
• 2004SPH exits television through sale to Mediacorp

  SPH sold its television operation to Mediacorp. Channel i subsequently closed, while Channel U continued under Mediacorp.

  M&A
  Source
• 2001SPH launches Channel U and TVWorks

  The group began operating a Mandarin free-to-air channel and an English-language television service after receiving Singapore’s second nationwide terrestrial television licence.

  Product launch
  Source
• 2000SPH establishes SPH MediaWorks to enter broadcasting

  SPH created a broadcasting subsidiary as part of an attempt to broaden its media business beyond newspaper publishing.

  Other
  Source

1. Singapore Press Holdings