June 8, 2000 - Singapore Press Holdings Ltd ("SPH") announced today the setting up of a new wholly-owned subsidiary company --SPH MediaWorks Ltd ("SPH MediaWorks") -- to lead the Group’s foray into broadcasting business. Heading the new company is the highly experienced veteran of both the newspaper and broadcasting industry, Mr Lee Cheok Yew, who was appointed the Chief Executive Officer on June 6.
With the appointment of Mr Lee Cheok Yew to head SPH MediaWorks, SPH is confident the Group will be able to quickly develop new competency in the television and broadband media, to complement the Group’s existing core strengths in the print and internet platforms. Cheok Yew and his team will have the immediate challenge of building up the Group’s broadcasting business, and at the same time developing new business opportunities as existing technologies (internet, broadcasting and telecommunications) converge and new technologies (digital broadcasting, interactive broadband) gain popularity.
Mr Tjong Yik Min, Group President of SPH said, "The setting up of SPH MediaWorks and SPH AsiaOne are building blocks to help achieve our long term vision to become regional media player providing quality content and services to consumers through borderless delivery platforms." Mr Tjong added that "These are investments for the future. There will naturally be start-up losses in the first few years, but these will be mitigated by the strong growth in the newspaper business on the back of an economic recovery."
Said Lee Cheok Yew, the newly appointed CEO of SPH MediaWorks, "I am excited with this new venture and my top priority in the next couple of months is to form a core team of people who share the same vision and sense of mission. With a great team of people we can do great things. Ultimately, the competition is for intellectual capital to create quality products for our customers, and new value for the shareholders. For me, it is a very exciting opportunity to start from scratch to build a new company at a time when the media industry is undergoing tremendous changes."
SPH MediaWorks will have a paid-up capital of $50 million. It will invest in broadcasting, content creation and distribution, as well as related broadband internet ventures. None of the directors or substantial shareholders of SPH have any interest, direct or indirect, in this company.
Issued by Singapore Press Holdings Limited.
For more information, please contact:
|Liew Kim Siong
|Ong Yuin Ling (Ms)
Main board listed Singapore Press Holdings Limited is the leading newspaper publisher in Singapore, with one of the region’s most advanced printing assets. It produces 10 newspapers in four languages, and six periodicals. SPH newspapers reach a daily readership of 3.8 million with a combined circulation of 1.1 million. SPH holds stakes in MobileOne (M1) mobile phone and paging service provider, and in Singapore Cable Vision (SCV) cable TV and broadband access operator. Its public listed subsidiary AsiaOne provides internet portal services with online news and e-commerce facilities, while its wholly-owned subsidiary SPH MediaWorks, leads the Group’s foray into the broadcasting business.
Bio-data of Mr Lee Cheok Yew, CEO of SPH MediaWorks Ltd
Mr Lee, 49, has more than 20 years of working experience in the IT and media industry. He is a President’s Scholar, and graduated with a Bachelor of Engineering degree (First class honours) in Aeronautical Engineering from University of New South Wales.
He joined Singapore International Airport as Airport Manager of Estate Management and Commercial Development in 1976. He went on to become the Deputy Director of R & D Policy and Monetary and Fiscal Policy, Ministry of Trade and Industry, for two years. He then joined IBM Singapore as Business Representative from 1980 - 1983.
In 1984, he joined Singapore News and Publications Limited (SNPL) and assumed the positions of General Manager of Marketing and Advertising and Executive Director of Travel Business concurrently. With the merger of SNPL, The Straits Times Press Limited and Times Publishing Berhad to form Singapore Press Holdings (SPH) in the same year, Mr Lee was appointed Deputy Group General Manager of Marketing and Head of Corporate Planning and Business Development concurrently.
He left SPH in 1991 to join Singapore Broadcasting Corporation (SBC), as CEO of SBC Enterprises heading up the marketing and commercial arm of SBC. In 1993, he took on the added responsibilities as the Head of all entertainment productions.
When SBC was restructured in 1994, Mr Lee was appointed CEO of Television Corporation of Singapore (TCS), which is part of the Singapore International Media (SIM) group. Under his management, TCS was named Asia’s Television Broadcaster of the Year consecutively for four years (1995 - 1999). Mr Lee was also instrumental in setting up a Mandarin satellite channel targeted at the Taiwan market; the launch of two new TV channels for TCS - Channel NewsAsia and SportsCity between March 1999 and January 2000; and two major Internet portals: mediacity.com.sg and channelnewsasia.com. In addition, he started Raintree Pictures, a movie company in 1998 and led TCS to joint venture with Citicorp and Golden Harvest to manage the largest Asian movie film fund.
In June 1999, SIM was renamed Media Corporation of Singapore (MCS) and Mr Lee was appointed Chief Operating Officer of the group in August. He resigned from the post in April 2000.