SPH considering job cuts

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Singapore Press Holdings Ltd., is considering job cuts amid a reorganization, Bloomberg said yesterday

The dominant newspaper publisher is grappling with digital disruption that has eroded readership and advertising revenue.

While Singapore Press has diversified into property, telecommunications and nursing homes, that has failed to arrest a slide in earnings.

Profits have fallen for six straight quarters, including a 45 percent decline in the three months through May from a year earlier.

its market value also fell this year, putting it behind New York Times.

Singapore Press had 4,473 employees at the end of May, with a total wage bill of S$276 million ($204 million).

Revenue in the third quarter slipped 11 percent to S$260 million. Its media business was the only segment that reported a decline in sales as advertising shrank.

The planned cuts come less than a month after Chief Executive Officer Ng Yat Chung was appointed Sept. 1. Mediacorp, the country’s other main news group that publishes the Today newspaper, said in August it would stop the print edition, said Bloomberg.

 

78 COMMENTS

  1. This is karma when news media company is supposed to serve the public and report the truth, instead it runs propaganda to serve their ownselves. Closure of sph is long overdue

  2. Time to end iron rice bowl lifetime employment practice. Feed rice to the useless clique and comfort-zoners sure you’ll go belly up. Wastage. You ask for it.

  3. The demise of SPH’s core business, ie the print media, is not digital disruption per se. The Straits Times has lost much of its authority and honour. Eg, in the run up to the EP, she talks, talks, talks. After the election of the EP, she sings, sings, sings. Day 1, Madam President is tagged Heartland President, People’s President. From Speaker of Parliament to Here Comes Super Woman. The fury of the 30% and the debate among the critical 70% are ignored. The disquiet is silenced. Seniors who grew up with ST do not read the daily. They glance at the bold prints. 15, 20 minutes. It’s done. Young eyeballs have many alternatives on their mobile. The Straits Times. Today. Big on Honesty. Small on Integrity. Even online, she will not be the no 1 read. Goggle and Facebook are their preference.

  4. Let work out this sum…
    $276,000,000 ÷ 4473
    = $61,703 annually???

    Hmm…. seem like good salary! But selling their conscience, way to cheap! Btw HC and that paper gen having similarity…. any company they handled, go burst!

  5. Last GE I have to trash the papers half way reading .. it’s rubbish and one sided news . Since then I no read it. I have better things to do then to read it .

  6. SPH job cuts deserve our concern and sympathy, some of our fellow men and women may lose their jobs. Any time any company is not doing well if you are a employee you will be stressed.Instead we have some unthinking people making negative remarks and joke out of it ! You better pray this misfortune does not happen to you during your working life ! I enjoy SPH.

  7. As I said before, tear down Sph building and build a bigger and better shopping mall..sure to make more business than punishing shit times. Such wasted piece of expensive land they are sitting on.

  8. Need leaderships renewal to adapt to new business landscape, technology and communications evolutions. Not staff will not solve the problem or improve the business.

  9. You reap what you sow. Its end is near. I have stopped buying and reading the Shit Times after I realise that it is nothing but a propaganda shit even not fit for toilet use. Good riddance bad rubbish. I only pity those workers who are given the walking certificates after faithfully serving as its running dogs.

  10. Dear Public, please do not chastise or criticise that SPH is cutting back on Jobs. We should be thankful that SPH is still able to keep some jobs for our fellow Singaporeans.

    CEO Ng Yat Chung (AKA Paper General) will do a fabulous job in running this establishment. He has a stellar record with a string of credentials attached to his name. Albeit with no enterprise experience, his prominent management skills from the unproven military would have given him an edge over any veteran in the industry. We should not doubt his credibility and ability.

    The last time round he was able to sell off NOL at a ‘record price’. This time round he would not be able to sell off SPH as it has Straits Times which has been awarded the best newspaper in Singapore. Hence, with the best newspaper under SPH’s belt, how could CEO Ng fail?

    • He’ll need to make it last a few more years to milk every last cent before closing it down. Just like what happened to NOL. No worries because he’ll be rewarded with another high paying job with another GLC.

  11. ST did not realize that they lost the monopoly in the news reporting. The public has many sources of information and will not pay good money for propaganda anymore. Chances are SPH will sell its newspaper business to NTUC, and reinvent itself as Singapore Property Holdings.

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