Under the merger terms outlined by SPH and MediaCorp on Sept 17, Streats will merge with rival Today, as SPH takes a 40 per cent stake in MediaCorp Press for $19.16 million. The rest of the company will be owned by MediaCorp.
In the case of the TV merger, SPH MediaWorks, which operates the Chinese-language Channel U and English-language Channel i, will team up with MediaCorp TV's Channels 5, 8 and TVMobile. The joint venture will be known as MediaCorp TV Holdings, and for $10 million, SPH will get a 20 per cent stake in it, while MediaCorp keeps the rest.
SPH will lay off 132 staff and MediaCorp will release 72 staff from across the group.
Article on TodayOnline dated 8th December 2004 by Val Chua
Article on Asia News Network
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