SINGAPORE: MediaCorp and Singapore Press Holdings have legally completed the merger of their mass market television channels and free newspaper operations.
Both parties have accepted all conditions laid out by the Media Development Authority for the merger.
The merger will take effect on 1 January 2005.
This means that a new holding company MediaCorp TV Holdings - comprising MediaCorp TV Singapore and MediaCorp Studios - will operate Channels 5, 8, U and TVMobile.
80 percent of the new company will be owned by MediaCorp while the remaining 20 percent will be owned by SPH.
MediaCorp will manage and operate the merged entities.
In other changes, Channel i will cease transmission at 2am on 1 January 2005, following a review of its commercial viability.
On the same day, SPH will also cease publishing Streats whose name will be incorporated into the masthead of TODAY.
MediaCorp will retain a 60 percent stake in TODAY newspaper while SPH will own the remaining 40 percent.
TODAY will continue to be managed by MediaCorp and operate independently of the SPH newspapers. - CNA
When reporting this, 1830 Ch U News and Streats have becomed history