SINGAPORE: Singapore Press Holdings (SPH) announced on Monday (Oct 17) that it would shed 10 per cent of its workforce over two years, and that two of its publications My Paper and The New Paper (TNP) will merge to form a revamped TNP.
Staff across the group will be cut through attrition, retirement, non-renewal of contracts, outplacement and retrenchment, to lower operating costs, in view of the "changing media landscape", said SPH in a news release posted on the SGX website.
SPH said it will work with the relevant unions to ensure that fair terms are given to affected staff and will extend to them the necessary help to support them in their transition.
The two measures are among a number of changes the company unveiled after a five-month review of its core media business. Last week, SPH announced that its annual profit dropped 17.5 per cent and that FY2016 has been a "challenging year marked by a very tough operating environment"
Said CEO Alan Chan of the staff cuts: “We have had to take difficult decisions on cost control measures to improve operational efficiency. We will continue to innovate and invest in our media products to stay ahead and relevant. At the same time, we will grow our business adjacencies to diversify revenue streams and maximise stakeholder value."
TNP currently costs 70 cents for weekday editions and 80 cents on the weekend. It will be available for free from December.