SPH Media’s acquisition of Tech In Asia (TIA) was reportedly funded by Singapore Media Trust’s (SMT) existing government funding and is in line with its transformation goals. SPH Media is wholly owned by SMT.
While the cost of the acquisition has not been revealed due to commercial reasons, Singapore's minister for communications and information, Josephine Teo reportedly said that it aligns with the intent of government funding, according to CNA.
Teo’s statement was in response to a parliamentary question by member of parliament for the Sengkang Group Representation Constituency Louis Chua. He asked if the government had specific restrictions on the use of the SG$180 million annual funding to SMT.
As SMT is a commercial entity, it will carry out is decisions independently to further its missions which include how to further its transformation, Teo explained.
She also reportedly added that funding for SMT will be allocated to the areas of technology development, talent development and the preservation of vernacular media. To ensure government funding is used prudently, MCI has reportedly been closely monitoring how SMT uses its funds to support the aforementioned areas as well as its performance.
With regards to concerns of layoffs following the merger, Teo said that no layoffs are to be expected due to growth expectations in its audience and market.
A post-merger integration process has been planned and will take 12 to 18 months, according to a spokesperson at SPH Media.
SPH Media acquired TIA earlier this month and said that TIA’s reach and capabilities will strengthen the offerings of SPH Media and, in particular, that of The Business Times (BT), according to a statement by SPH
The synergies from the proposed acquisition will deepen the value BT brings to businesses and readers in the region and accelerate its goal of becoming a regional player for business and tech news, and events, according to SPH.
TIA's mission to serve the tech and startup community in Asia is also expected to strengthen with the support of SPH Media's extensive networks and resources.
In the longer term, TIA will also support SPH Media’s broader transformation efforts.
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