Singapore Press Holdings
A former Singapore media and property group whose publishing business was transferred to SPH Media Trust in 2021 before the remaining company was acquired and delisted in 2022.
Last updated August 26, 2026
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Overview
Singapore Press Holdings Limited, commonly known as SPH, was one of Singapore’s most important media and diversified corporate groups. Established in 1984 through the merger of The Straits Times Press Group, Singapore News and Publications Limited, and Times Publishing Berhad, it consolidated much of the country’s newspaper publishing activity. Its principal titles included The Straits Times, The Business Times, The New Paper, Lianhe Zaobao, Lianhe Wanbao, Shin Min Daily News and Berita Harian, alongside magazines, digital publications and associated media services. SPH operated in a highly regulated media environment. Before its media operations were separated, the company was governed by Singapore’s Newspaper and Printing Presses Act, which provided for management shares with enhanced voting rights and required government approval for certain share transfers and appointments. The regulatory framework, combined with the importance of its newspapers to Singapore’s public information system, gave SPH a distinctive position between a conventional listed company and a public-interest media institution. Several prominent former Singapore officials held senior positions at the company, contributing to its close association with the state-linked media system. The group expanded beyond newspapers during the 2000s. Through SPH MediaWorks, it entered free-to-air television in 2001 with Channel U in Mandarin and TVWorks, an English-language service later renamed Channel i. The television venture was sold to Mediacorp at the end of 2004; Channel i closed in January 2005, while Channel U continued under Mediacorp. SPH also held interests in Today and Mediacorp’s television operations for a period, although those interests were later sold. Other diversification initiatives included magazines, digital publishing, events, retail, telecommunications, healthcare and property. As Singaporean audiences increasingly consumed news online, SPH faced stagnating readership and persistent pressure on its traditional advertising and circulation model. The COVID-19 pandemic intensified the financial strain. In 2020 the company reported a net loss of S$83.7 million for the financial year, with the downturn affecting its major businesses. SPH responded by separating its media operations from its commercial assets. In December 2021, its newspapers, digital media, printing facilities, intellectual property, information-technology assets and approximately 2,500 employees were transferred to SPH Media Trust, a company limited by guarantee. Khaw Boon Wan became chairman of the new media organisation. The listed SPH entity consequently retained mainly property, aged-care and other non-media interests. Its portfolio included Paragon, The Clementi Mall and The Seletar Mall, while its real-estate investment trust, originally SPH REIT, held retail properties in Singapore and Australia. SPH also owned or invested in businesses such as Orange Valley Healthcare, M1 and sgCarMart. The company was acquired by Cuscaden Peak in 2022 and delisted from the Singapore Exchange on 13 May of that year. After the acquisition, the surviving property and investment business was renamed Cuscaden Peak Investments. The SPH media legacy continues primarily through SPH Media Trust rather than through a separately operating SPH corporate group.
History
Singapore Press Holdings was formed on 4 August 1984 by combining The Straits Times Press Group, Singapore News and Publications Limited, and Times Publishing Berhad. The merger created a central corporate home for Singapore’s principal newspaper businesses and established SPH as a major institution in the country’s communications sector. Its publishing portfolio eventually covered English, Chinese, Malay and Tamil audiences, with The Straits Times becoming its best-known title and The Business Times serving business readers. SPH developed within Singapore’s regulated newspaper industry. The Newspaper and Printing Presses Act required newspaper companies to issue management shares and gave those shares enhanced voting power in matters including director and staff appointments. Transfers of management shares also required ministerial approval. This structure distinguished SPH from an ordinary listed media company and reflected the government’s view that newspaper publishing had national significance. The company’s leadership included figures with senior public-sector and political backgrounds, reinforcing its place within Singapore’s state-linked media environment. During the 1990s and 2000s, SPH expanded into magazines, digital services, radio, television and events. Its most prominent diversification attempt was SPH MediaWorks, established in 2000. After receiving a nationwide free-to-air television licence in 2001, the subsidiary launched Mandarin Channel U and English-language TVWorks. TVWorks was renamed Channel i in 2002. The television business was sold to Mediacorp in 2004; Channel i closed soon afterward, while Channel U continued under Mediacorp. SPH retained associated interests in Mediacorp and Today for a period, but disposed of those holdings in 2017. The company also pursued non-media growth. It acquired sgCarMart in 2013, invested in the M1 telecommunications business with Keppel, operated the Buzz convenience chain and developed a substantial property portfolio. Its real-estate assets included Paragon, The Clementi Mall and The Seletar Mall. Through SPH REIT, it held interests in retail properties in Singapore and Australia, including Westfield Marion. In healthcare, subsidiary Invest Healthcare acquired nursing-home operator Orange Valley Healthcare in 2017. These activities increasingly reduced SPH’s dependence on print advertising and circulation, although newspapers remained central to its identity. The long-term shift from print to online news weakened the economics of the traditional publishing business. Readership growth stagnated from the early 2000s, while digital consumption changed advertising and distribution patterns. The COVID-19 crisis added further pressure, and SPH reported a net loss of S$83.7 million for the financial year reported in October 2020. The company also streamlined or exited selected activities, including moving Torque from print to digital and divesting Buzz. In May 2021, SPH proposed transferring its media operations to a company limited by guarantee. Shareholders approved the plan at an extraordinary general meeting in September, and the transaction was completed on 1 December 2021. SPH Media Trust received the newspaper and digital publishing businesses, printing and news facilities, intellectual property, information-technology assets and approximately 2,500 employees. Khaw Boon Wan was appointed chairman of the new media entity. The transfer also removed the former media business from the listed SPH company and ended the direct corporate ownership of the newspapers by SPH. The remaining SPH business was primarily a property and investment group. Cuscaden Peak, a consortium involving Hotel Properties, CLA Real Estate Holdings and Mapletree Investments, acquired the company in 2022. SPH was delisted from the Singapore Exchange on 13 May 2022 and subsequently renamed Cuscaden Peak Investments. The SPH name therefore describes a former listed conglomerate, while its media heritage continues through SPH Media Trust and its property-related assets continue under the Cuscaden Peak structure.
- 2022
SPH is acquired and delisted
[1]Cuscaden Peak acquires SPH, which leaves the Singapore Exchange on 13 May.
- 2021
Media business transferred to SPH Media Trust
[1]SPH completes the transfer of its media assets, infrastructure and approximately 2,500 employees to SPH Media Trust.
- 2019
SPH REIT acquires a stake in Westfield Marion
[1]The group’s retail property vehicle acquires a 50 percent interest in Westfield Marion in Australia.
- 2013
sgCarMart is acquired
[1]SPH expands its digital services portfolio with the acquisition of the automotive marketplace sgCarMart.
- 2004
Television business sold to Mediacorp
[1]SPH exits direct television operations through a sale to Mediacorp.
- 2001
SPH begins television broadcasting
[1]Channel U and TVWorks launch after SPH receives the second nationwide free-to-air terrestrial television licence.
- 2000
SPH MediaWorks is established
[1]SPH creates a subsidiary to enter Singapore’s broadcasting market.
- 1984
Singapore Press Holdings is formed
[1]SPH is created through the merger of three publishing organisations: The Straits Times Press Group, Singapore News and Publications Limited, and Times Publishing Berhad.
Products and positioning
A mass-market and public-interest Singapore media group that later diversified into property, healthcare, telecommunications and digital businesses.
English-language newspaper
The Straits Times
SPH’s flagship English-language newspaper and one of Singapore’s principal general-news publications. It covered domestic politics, business, society, culture, sport and international affairs, supported by a network of correspondents in Singapore and overseas. The title was transferred to SPH Media Trust in 2021.
Business newspaper
The Business Times
A business-focused newspaper serving readers interested in Singaporean and regional companies, markets, finance, economics and corporate affairs. It formed part of SPH’s specialist publishing portfolio before the media division was transferred to SPH Media Trust.
Chinese-language newspaper
Lianhe Zaobao
A major Chinese-language daily associated with SPH’s multilingual newspaper portfolio. Its coverage addressed Singapore, China, regional affairs, business and community issues, and it was transferred to SPH Media Trust as part of the 2021 restructuring.
Television channel · 2001
Channel U
A Mandarin free-to-air television channel launched by SPH MediaWorks in 2001. After SPH sold its television operation to Mediacorp, Channel U continued as a Mediacorp service rather than remaining an SPH-owned product.
Automotive digital marketplace
sgCarMart
An online automotive marketplace acquired by SPH in 2013. It provided vehicle listings and related motoring information and also became the digital home for Torque after the latter’s print operation ended. sgCarMart was sold to a Toyota Financial Services-led consortium in 2022.
Retail and office property
Paragon
A prominent retail and office complex on Orchard Road, Singapore’s main shopping boulevard. Paragon formed part of SPH’s property portfolio and later remained associated with the group’s retail-focused real-estate interests.
Real-estate investment trust
SPH REIT
A Singapore-based real-estate investment trust established around income-producing retail properties. Its portfolio included Paragon, The Clementi Mall, The Rail Mall and Westfield Marion. The vehicle was renamed Paragon REIT in January 2023 after SPH had ceased to exist as an independent listed group.
Marketing campaigns
- 2010NewspaperSG digitisation initiative
Singapore
SPH worked with the National Library Board to make digitised Straits Times articles accessible through NewspaperSG at NLB libraries.
Outcome. Expanded public access to the newspaper archive.
- 200925th-anniversary corporate identity refresh
Singapore
SPH marked its 25th anniversary by introducing a new corporate logo, publicly launched on 30 March 2009.
Outcome. Updated the group’s corporate identity.
Brand decisions
2022
Accept acquisition by Cuscaden PeakM&ABackground
After the media separation, SPH’s remaining portfolio consisted mainly of property and other non-media investments.
Action taken
Cuscaden Peak acquired SPH and took it private.
Aftermath
SPH was delisted on 13 May 2022 and the surviving business was renamed Cuscaden Peak Investments.
2021
Separate the media divisionStrategyBackground
Stagnant readership, the migration of news consumption online and shareholder pressure led SPH to reconsider its ownership structure for the media business.
Action taken
SPH transferred its media assets, intellectual property, technology, facilities and approximately 2,500 employees to SPH Media Trust, a company limited by guarantee.
Aftermath
The listed SPH entity was left primarily with property, healthcare and investment activities, while the newspapers continued under SPH Media Trust.
2019
Move Torque from print to digitalGeneration changeBackground
Changing media consumption patterns weakened the economics of specialist print magazines.
Action taken
SPH stopped publishing Torque as a print publication and placed its operation under sgCarMart.
Aftermath
Torque continued as a digital-oriented motoring property.
2000
Enter free-to-air televisionStrategyBackground
SPH sought to diversify its media operations beyond newspapers and received Singapore’s second nationwide terrestrial television licence.
Action taken
It formed SPH MediaWorks and launched Channel U and TVWorks, later renamed Channel i.
Aftermath
The television business was sold to Mediacorp in 2004, and Channel i closed in 2005.
Recent events
Keppel initiates arbitration over SPH acquisition agreement[2]
Reported:
Keppel announced that it had submitted an arbitration notice to the Singapore International Arbitration Centre over SPH's attempt to terminate the execution agreement between the companies.
Keppel raises its acquisition offer for SPH[3]
Reported:
Keppel raised its offer to acquire Singapore Press Holdings to S$2.351 per share, a 12.6% increase over its previous offer. Keppel said the revised offer was final.
Cuscaden Peak consortium makes cash offer for SPH[4]
Reported:
The Cuscaden Peak consortium made a conditional cash acquisition offer of S$2.10 per share for Singapore Press Holdings. One stated condition was that SPH complete the separation of its media business.
Singapore Press Holdings launches BT News Tablet Edition[5]
Reported:
Singapore Press Holdings launched The Business Times News Tablet Edition, which gives readers digital copies of the newspaper on Samsung tablets.
SPH announces appointment of independent board director[6]
Reported:
Singapore Press Holdings announced that Tracey Woon would become an independent board director, with the appointment effective 1 July.
SPH rolls out Tamil Murasu and The Straits Times tablet subscription[7]
Reported:
Singapore Press Holdings rolled out a two-year subscription package that includes a Samsung tablet with the Tamil Murasu and The Straits Times apps preloaded.
SPH agrees to acquire five Japanese nursing homes[8]
Reported:
Singapore Press Holdings signed a purchase agreement to acquire five nursing homes in Japan for 5.26 billion yen. The transaction was expected to complete in March 2020.
- Unconfirmed
SPH reports lower 1QFY2020 earnings[9]
Singapore Press Holdings reported earnings of S$46.3 million for 1QFY2020, down 17.2% from a year earlier, as revenue fell 3.8%.
- Unconfirmed
ThinkChina e-magazine launch[10]
Reported:
Singapore Press Holdings launched ThinkChina, a China-focused English-language e-magazine that curates and translates China-related content from Lianhe Zaobao and features contributions from China experts.
Sources10 sources
- 1Singapore Press Holdingsen.wikipedia.org
- 2吉宝就SPH收购协议启动仲裁zaobao.com.sg
- 3吉宝企业提高对新加坡报业控股的收购献议zaobao.com.sg
- 4Cuscaden Peak财团提出现金收购报业控股zaobao.com.sg
- 5新加坡报业控股推出《商业时报》新闻平板版straitstimes.com
- 6SPH宣布任命独立董事sbr.com.sg
- 7SPH推出《Tamil Murasu》与《The Straits Times》平板订阅套餐straitstimes.com
- 8新加坡报业控股签约收购日本五间疗养院zaobao.com.sg
- 9新加坡报业控股公布2020财年第一季度盈利下降theedgemalaysia.com
- 10ThinkChina电子杂志上线businesstimes.com.sg
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