Mediacorp has entered into an agreement with Singapore Press Holdings to buy its minority shareholdings in Mediacorp’s entertainment television and newspaper businesses. The purchase, valued at S$18 million, will involve Mediacorp buying SPH’s 20 per cent stake in Mediacorp TV Holdings Pte Ltd which owns Channels 5, 8 and U and Mediacorp Studios and 40 per cent stake in Mediacorp Press Pte Ltd, which operates the TODAY newspaper.

Completion of the deal, is subject to regulatory approval and scheduled for the end of September 2017. Once completed, both entities will become wholly-owned subsidiaries of Mediacorp. The agreement comes 12 years after SPH purchased the stakes as part of a media industry asset consolidation in 2005. During the consolidation, SPH transferred a TV channel to Mediacorp and took a 20 per cent stake in Mediacorp TV Holdings. SPH merged its free newspaper STREATS with TODAY and invested in a 40 per cent stake of Mediacorp Press.