Transformations

Evolutions, pivots and obituaries of media

Singapore Press Holdings, the print monopoly that owns the Straits Times, reported a 25% drop in Q2 profit from the previous year.

It’s still a very profitable company — $30 million in profit for the quarter is still a point of envy for many. But advertising revenues continue to slide — it’s down 9% for the quarter. The company talked up its digital subscription plans and integrated marketing platforms, which seems to be their only bet for shoring up revenues.
Channel NewsAsia

Patrick Soon-Shiong, a billionaire doctor, is about to buy The Los Angeles Times.

The 44-Pulitzer Prize newspaper and Soon-Shiong have had a contentious relationship with Tronc, its holding company, over the years. Soon-Shiong is a major shareholder, even though Tronc removed him from their board last year. There’s been a carousel of battling editors and publishers, disputes with Disney, leaks to the New York Times, etc. Soon-Shiong says he considers newspapers a “public trust” and that the press is a “valuable tool for the community.”
Los Angeles Times