Singapore Press to spin off media Into non-profit entity

SINGAPORE: Singapore Press Holdings Ltd., which publishes the country’s flagship daily newspaper, plans to spin off its media business into a non-profit entity after conducting a strategic review of its businesses.

Faced with a steadfast decline in the media business, Singapore Press -- which also invests in properties from shopping malls to student accommodation -- has approached the government with a proposal to put the unit on a sustainable financial footing, it said in a statement on Thursday. The government has indicated its support for the restructure, it said.