Today we heard the news that Singapore Press Holdings (SPH) is spinning off its media unit, including The Straits Times and many other publications, into a non-profit entity. This follows years of consistently poor performance amid digital disruption and other changes to the media industry.
Wiser minds will engage in more thorough post-mortems—has anybody seen Ho Ching’s feed today?—but I wanted to spark a small conversation on the culture of elite governance in Singapore.
“If not for the Jobs Support Scheme (JSS), the loss would have been a deeper S$39.5 million,” Lee Boon Yang, SPH’s chairman, said in reference to the media business’s first-ever lost of S$11.4m, for the financial year which ended Aug 31 2020.
(Which includes management salaries. In case you missed it, since the JSS began in February 2020, the Singaporean taxpayer has helped pay even more for the upkeep of numerous millionaire elites.)
All this got me thinking. Why exactly is Lee Boon Yang the chairman of SPH?
Continue reading “The elites have run The Straits Times into the ground. What’s next?”