SPH and book publishing unite again

SPH has formed a new book publishing business under its subsidiary Straits Times Press - the process was expedited by the acquisition of SNP Corporation's book publishing arm SNP International Publishing.

SNP International Publishing has relinquished its intellectual property rights and has also staffed the business with a six-person team headed by publishing veteran Shirley Hew, who will take on the title of executive director of Straits Times Press. Patrick Daniel, editor-in-chief of SPH's English and Malay Newspapers Division (EMND), will then chair the Straits Times Press board.

"We worked together very successfully as separate entities in the past. Now, as a wholly-owned subsidiary of SPH, we will be able to realise and unlock value across the board in breadth and depth. While continuing our ongoing publishing programme comprising coffee-table commemorative books, our first priority is to add publishing opportunities to the Group. We will offer SPH yet another channel in the world of multi-platform publishing," Hew said.

The new subsidiary will work closely with The Straits Times, STOMP, and Straits Times Razor TV, an interactive web TV service.

In 1984 Times Publishing merged with The Straits Times Press and Singapore News and Publications to form SPH, forming a S$1.4 billion publishing conglomerate. Eventually in 1989 SPH split with Times Publishing, creating a separate listed company to hold its book publishing arm, as it focused on newspaper publishing.

SPH has also expressed intentions of acquiring fully Shareinvestor.com, an Internet financial portal and investor relations service which Lexicon Group, listed magazine publisher owns a 27.7% stake of. Depending on its targets for 2008 and 2009, SPH will pay a maximum of $18 million in cash for the company.