International Business & Economy SPH shuts down AsiaOne just 4 months after revamp

SPH shuts down AsiaOne just 4 months after revamp

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AsiaOne is the latest to be affected by Singapore Press Holdings’ mass job cut exercise, as the firm continues culling employees and relocating staff to new newsdesks as it seeks to cut 230 jobs. The online news aggregator site will be shut down as early as next month, according to sources from within SPH.

This is in spite of the fact that AsiaOne underwent a comprehensive revamp just over four months ago, in May this year. The portal, which has been around for two decades, switched up its look and content direction, opting to focus on popular, trending stories instead of breaking news.

Interestingly, Karen Lim – AsiaOne’s editor – had said when unveiling the revamped site, “We see AsiaOne as a project that never ends. We are constantly improving and building on the existing site.”

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Just over four months later, it is all coming to an end. AsiaOne’s staff will reportedly be relocated to the Straits Times’ digital team.

The announcement follows SPH’s decision to cut 230 jobs and retrench 130 staff members, as confirmed on Wednesday.

 

Interestingly, mass retrenchment is ongoing even as SPH’s full year net profit rose significantly from last year. While advertising revenue did decline by 16.9 percent year-on-year, or by S$103 million this financial year, SPH’s full year net profit still rose by 32 percent to S$350.1 million from the previous financial year.

The move, which effectively indicates that SPH has resorted to mass job cuts in a time of profit, has attracted scrutiny from socio-political commentators online.

https://theindependent.sg.sg/sph-mass-retrenchment-to-save-costs-is-like-applying-a-plaster-to-a-gaping-wound/

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