SINGAPORE Press Holdings (SPH) will be merging My Paper and The New Paper (TNP) to form a revamped TNP which will be distributed free from December following a comprehensive review of its core media business.
Apart from refreshing and rationalising its product portfolio, the media group will also be carrying out a right-sizing exercise which will involve a cut of up to 10 per cent of its staff force of 4,182. This will be done over two years through attrition, retirement, non-renewal of contracts, out-placement and retrenchment.
"We have done a comprehensive business review to strengthen our position in a tough economic and media environment. Market conditions will remain difficult with the continuing disruption of the media industry,'' said Alan Chan, Chief Executive Officer of SPH.
"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," he added.
TNP has daily average sales of more than 60,000 copies which means over 60,000 people are prepared to pay 70 Singapore cents each day for the paper.
Warren Fernandez, Editor-in-Chief of English/Malay/Tamil Media group, said, ''Merging TNP with My Paper, making it free and increasing its circulation to up to 300,000 copies, is a bold decision to serve our readers with a strong product and with revamped content. TNP has a long tradition of remaking itself to stay attuned to readers' interests and needs. That's part of its DNA. So now, we're making it new again, and planning a product that we believe both readers and advertisers will find appealing."
The Business Times understands that the new TNP will be in English only and that there will be no Sunday paper. It will continue to be available online.
SPH review was conducted over the last five months. It was aimed at addressing the evolving needs of advertising customers and delivering effective integrated solutions across various media platforms.