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SMT announced on Nov 1 that it had entered into an agreement to acquire TIA. The move will serve to “strengthen the offerings of SPH Media and, in particular, that of The Business Times”, the group said.
The acquisition will also support its “broader transformation efforts”, SMT said at the time.
TIA was founded in 2010. Its website describes the publication as the largest English-language technology media company that focuses on Asia.
In a written answer to Mr Chua, who also asked if the government was privy to the amount SMT paid for TIA, Mrs Teo said both entities would not be disclosing the financial terms of the transaction due to market sensitivities.
Funding for SMT is earmarked for three areas – technology development, talent development and the preservation of vernacular media, she added.
“To ensure prudent use of public funds, MCI has been closely monitoring SMT’s performance and its utilisation of funding in support of these areas,” said Mrs Teo.
SPH Media, which is wholly owned by SMT and publishes titles such as The Straits Times and The Business Times, also confirmed on Nov 1 that no layoffs were expected following the merger.
“The acquisition is rooted in the joint growth opportunity of Business Times and Tech In Asia. As such, we do not anticipate any layoffs. With the merger, our audience and market will grow, creating new opportunities for everyone involved,” a spokesperson said at the time.
TIA currently has a staff strength of about 90 and its staff is based in Singapore, Indonesia and across the Asia-Pacific region, SPH Media said.
It will exist as a subsidiary of SPH Media after the move and as such, the staff will remain under employment with them, said the spokesperson.
“We have mapped out a post-merger integration process which will take 12 to 18 months. We are committed to ensuring a smooth and successful transition for all the employees.”
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