Singapore cannot afford 'convulsions and closures' in media landscape: S Iswaran

SINGAPORE can ill afford "convulsions and closures" that lead to a loss of diversity and choice in local media, said S Iswaran, minister for communications and information, on Monday.

Mr Iswaran was speaking in Parliament on his ministry's support for the proposal by Singapore Press Holdings (SPH), which publishes The Business Times, to transfer its media business to a Company Limited by Guarantee.

He argued that there is a need for a "high-quality, professional and respected" local news media, which would report "news by Singaporeans for Singaporeans" while upholding high standards of accuracy, objectivity and balance.

Mr Iswaran said the government had long been an "active steward" to ensure the vitality and viability of the local media industry. The government played a part in the formation of SPH in 1984, and in the structuring of the roles of SPH and Mediacorp in the 2000s.

The local news media is now facing structural changes in the media and advertising industries caused by technological advances and the Internet. These have "severely disrupted the business model that relied on print advertising revenue".

He highlighted that these were global challenges, with most publications worldwide - including in the United States, United Kingdom and South-east Asia - now running deficits, and many newsrooms downsizing and closing.

Said Mr Iswaran: "Ours is a small local market with just two main local news media organisations, SPH and Mediacorp. While there are potential synergies and opportunities for collaboration between them, we can ill afford the convulsions and closures we have seen elsewhere, with a consequential loss of diversity and choice in our media landscape."

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