SPH Media’s acquisition of Tech in Asia aligns with government funding goals: Josephine Teo

THE acquisition of technology news outlet Tech in Asia (TIA) by SPH Media Trust (SMT) supports its transformation, and aligns with the intent of government funding, said Minister for Communications and Information Josephine Teo, even though the government does not get involved in such decisions.

Government funding for SMT – at S$180 million annually – is earmarked for technology development, talent development and preservation of vernacular media. 

In a written response to a Parliamentary question on Wednesday (Nov 22), Teo noted that the parties will not be disclosing the price paid for TIA due to market sensitivities. 

SMT had informed MCI of its plans to acquire TIA using existing resources earlier this year, she said, and added that it must, as a commercial entity, “undertake independent and sound decisions” for its transformation. 

On agglomeration risks, she said a broader, more updated view of the media landscape was needed, given increased fragmentation and competition in the industry amid the rise of social and digital media. She added that the government would protect consumers and prevent anti-competitive practices. 

SMT announced earlier this month that it had agreed to acquire TIA, as it moves to make its financial daily, The Business Times (BT), a regional player. TIA has a diversified business in South-east Asia, with an events arm and a strong presence in Indonesia.