Mediacorp, a state-owned media company under Singapore’s sovereign wealth fund, Temasek Holdings, has announced on Wednesday (28 Aug) that the TODAY digital newsroom will merge with Channel News Asia (CNA) on 1 October 2024.

This merger, which will effectively transform TODAY into a digital weekend magazine under CNA, is presented as an effort to consolidate resources and expand CNA’s reach both within Singapore and internationally.

As part of the merger, TODAY will shift its focus to producing long-form analytical features on current issues, in-depth news reports, human interest stories, and opinion pieces under its Big Read brand, which will be published every weekend. This content is intended to supplement CNA’s existing daily digital offerings, with the goal of increasing CNA’s digital traffic and deepening audience engagement, particularly on weekends.

Starting 1 October, the TODAY app and website will no longer be updated, with all new content being channeled through CNA’s platforms. However, TODAY will maintain its social media pages, which will redirect followers to CNA’s digital sites.

Walter Fernandez, Mediacorp’s Editor-in-Chief, framed the merger as a response to global trends, including increased news fatigue and active news avoidance, trends exacerbated by changes in social media algorithms that de-emphasize news content. Fernandez also cited a significant overlap between the digital audiences of TODAY and CNA as a key factor in the decision to merge the two newsrooms.

The merger will not result in job losses, according to Fernandez, as all TODAY staff will be offered roles within CNA. These roles will involve either working on the new weekend magazine or integrating into other teams within CNA, depending on their expertise.

While Mediacorp presents the merger as a strategic response to the evolving media landscape, critics might view this consolidation as part of a broader trend of centralizing media under state influence in Singapore, particularly given Mediacorp’s ownership by Temasek Holdings and the fact that SPH Media Trust, which runs The Straits Times and other vernacular publications such as Lianhe Zaobao, is funded by the Singapore government through a grant of S$900 million.

TODAY, launched in 2000 as a free newspaper and a rival to Streats, another English-language freesheet published by Singapore Press Holdings, quickly rose to prominence as the second-most widely read daily in Singapore. In 2002, TODAY launched a weekend version, WeekendTODAY, which was distributed to homes as a free newspaper and also sold at newsstands for 50 cents.

In 2004, Singapore Telecommunications pulled out of the newspaper venture by selling its 28.51 percent stake in the company for S$13.66 million, following SMRT Corp.’s sale of its 14.56 percent stake for S$3.5 million.

In April 2017, TODAY discontinued its weekend edition, publishing only on weekdays. Later that year, in September, it ceased print publication of its weekday edition, continuing solely as a digital publication.

Despite its achievements, including international recognition for its short-form video content and coverage of youth issues, TODAY has faced significant challenges, such as the controversial suspension of Mr Brown’s column in 2006 after he criticized the government.

The merger also raises questions about the future of media plurality in Singapore, where Mediacorp already holds a dominant position.

Chief Commercial Officer Jacqui Lim sought to reassure advertisers, promising competitive alternatives across Mediacorp’s network, which includes CNA, 8 World, Berita, and Seithi. Lim emphasized that the merger aligns with Mediacorp’s audience-first approach, aiming to provide innovative and effective media solutions.

The post Mediacorp to merge TODAY digital newsroom with Channel News Asia appeared first on Gutzy Asia.

SINGAPORE: In a latest argument against selling Singapore’s corporate NTUC Income to German insurer Allianz, Mr Tan Suee Chieh, former CEO of NTUC Income, has reiterated his objections to the justifications provided by NTUC Enterprise and Income. He argued that these justifications are unconvincing.

Mr Tan emphasised his support for seeking an institution that aligns with Singapore’s strategic interests to purchase the shares, rather than Allianz, which he believed prioritizes shareholder returns over the social mission of NTUC Income.

He highlighted that while innovation and adaptation are crucial, it is essential to do so in a manner that preserves the social mission and adheres to the cooperative principles that have guided Income since its inception.

“Sacrificing these values for short- term gains or aligning with entities that do not share our ethos would not only constrain our future but also undermine the very foundation upon which Income was built. ”

In a statement posted on his Facebook page on Wednesday (28 August), Mr Tan reiterated his criticism of NTUC Enterprise for failing to honour previous commitments made during capital injections. These commitments included maintaining the permanence of issued shares, safeguarding Income’s social mission, and ensuring that Income retained a majority shareholding.

One of Tan’s primary concerns is the potential extraction of surplus capital from Income post-sale.

He questioned whether Allianz, given its focus on return on investment (ROI), will extract surplus capital from Income, which could ironically contradict the sale’s justification centered on the need for more capital.

Tan noted that the participating life business segment, which is long tail and capital-intensive, might be phased out if it does not align with Allianz’s ROI objectives.

He argued that the participating life business, while requiring substantial capital, is less mission-critical compared to other segments where Income has a significant market share.

He suggested that Income should pivot towards these mission-critical areas and focus on delivering social impact.

Mr Tan: NTUC Income Should Reinvent Itself to Leverage Existing Strengths for Greater Social Impact

Besides market share in life insurance as 10%, Mr Tan further highlighted Income’s significant market shares in other important sectors, including:

27.5% in motor insurance
22% in health insurance (Income Shield)
21% in travel insurance
17% in personal accident insurance

Mr Tan argued that instead of selling to a foreign insurer, Income should “reinvent itself,” and use its enviable existing strengths to deliver social impact and outstanding value to Singaporeans.

Mr Tan further pointed out that the company’s track record in retail insurance in Asia is not exceptional.

He questioned whether Allianz’s expertise is truly indispensable in the regional context and highlights its profit-driven goals, which may not align with Income’s social mission.

While NTUC Enterprise Chairman Lim Boon Heng asserted that there is a shared purpose between Allianz and Income in serving people well, Mr Tan pointed to a seemingly contradictory statement from Allianz CEO Oliver Bate.

Bate, during the company’s second-quarter earnings briefing in Frankfurt on 8 August, affirmed that Allianz expects a “double-digit return on investment (ROI) over time” from its acquisition of Income Insurance.

Tan also draws attention to the success of other cooperatives and social enterprises globally, which have thrived without needing to expand regionally or be acquired by listed companies.

He also expressed support for finding an institution aligned with Singapore’s strategic interests to purchase the shares, rather than Allianz, which he sees as prioritizing shareholder returns over social mission.

Mr Tan Decries NTUC’s Shift Towards Shareholder Returns, Calls for Better Use of Income’s Strengths

Mr Tan found it deeply ironic and troubling that NTUC, an institution traditionally associated with cooperative principles and social missions, is now leading a shift towards aligning with a multinational company focused on maximizing shareholder returns.

“While it is true that the funds raised from this sale could potentially be redirected by NTUC Enterprise to support other social good initiatives, this is not the right way to leverage Income.”

“Sacrificing the cooperative’s core mission undermines the very essence of what Income stands for.”

Mr Tan also expressed his strong support for a diversity of business models and a pluralism of choices.

“Such diversity is not just a matter of principle; it is essential for building a more resilient and inclusive Singaporean society, where institutions like Income continue to play a pivotal role in serving all Singaporeans, especially the workers that NTUC represents.”

The post Tan Suee Chieh: Sacrificing NTUC Income’s values for short-term gains undermines its foundation appeared first on Gutzy Asia.