Month: August 2021

Singapore Press Holdings Limited (“SPH”) announced Monday that Keppel Pegasus Pte. Ltd., a wholly owned subsidiary of Keppel Corporation Limited has proposed to acquire all the shares of SPH post restructuring of the media business through a scheme of arrangement (the “Scheme”).Earlier in May, SPH had said that it will be transferring its media business to a not-for-profit entity amidst the ongoing challenge of falling advertising revenue.Pursuant to the Scheme, for each share in SPH, a shareholder will receive a total consideration of S$2.099 per share, comprising:
cash of S$0.668 per share,
(ii) 0.596 Keppel REIT units valued at S$0.715 per share1 , and
(iii) 0.782 SPH REIT units valued at S$0.716 per share1 from a distribution in-specie (“DIS”) by SPH.
This represents a 39.9% premium to the last traded price of S$1.500 per share before the strategic review of SPH’s businesses was announced on 30 March 2021 (“Strategic Review”) as well as an 11.6% premium to the last traded price of S$1.880 per share on 30 July 2021 and a 21.4% premium to the 3-month volume weighted average price of S$1.729 per share.

Ng Yat Chung, Chief Executive Officer of SPH, said: “The outcome is the result of a strategic review process that has taken place over many months. We took the first step with the Media Restructuring to ensure a sustainable future for the media business, while removing its losses from SPH. The next step was a thorough process to unlock and maximise value for all shareholders for the remaining company. With the privatisation offer from Keppel, shareholders now have an opportunity to realise the value of their SPH shares at a premium of 39.9% to the last traded price before the Strategic Review was announced.” The Strategic Review was announced on 30 March 2021 with a view to unlock and maximise shareholder value.The first step in the Strategic Review was the proposed restructuring of SPH’s media business. On 6 May 2021, SPH announced that it would transfer relevant subsidiaries, employees, News Centre and Print Centre along with their respective leaseholds, as well as all related intellectual property and information technology assets (“Media Restructuring”) to a wholly-owned subsidiary, SPH Media Holdings Pte Ltd (“SPH Media”).Under the Media Restructuring process, SPH Media would be transferred to a public company limited by guarantee (“CLG”) for a nominal sum. Following the Media Restructuring, SPH would no longer be subject to any funding requirements related to the media business.In addition, the restrictions under the Newspaper and Printing Presses Act2 (“Newspaper Act”), including the 5% shareholder cap restriction and issue of management shares, would be lifted. This increases the range of options available to SPH post media restructuring.The Board carried out a comprehensive review of the various strategic options, including maintaining the status quo, monetisation of certain assets, a partial sale or privatisation of SPH post media restructuring.With an objective to maximise value and minimise disruption for shareholders, the Board concluded that the privatisation of the entire company would be the preferred solution. It derives a better valuation outcome for all shareholders where a control premium is paid for the entire company. Also, it avoids a situation where prime SPH assets are cherry-picked, 3 leaving SPH with its existing debt and the risk of being unable to monetise its remaining assets.A thorough and orderly two-stage process was conducted to solicit and evaluate proposals from a number of potentially interested parties. The process was overseen by a Steering Committee consisting of Board members, in consultation with Credit Suisse and Allen & Gledhill LLP, SPH’s financial and legal advisors, respectively.The final closed bids were evaluated based on price, terms and conditions, financing certainty, regulatory approvals, transaction structure and execution risk. At the end of the process, the final proposal from Keppel to privatise SPH was selected after careful evaluation, based on the various criteria.The Scheme represents an opportunity for shareholders to realise their stake at a significant premium to SPH’s share price prior to the announcement of the Strategic Review. Shareholders will also receive any final dividend that may be declared by the Board for Financial Year 2021 (the “Potential Final Dividend”)The receipt of SPH REIT Units and Keppel REIT Units would allow shareholders to participate in the recovery upside of the retail and commercial sectors at attractive dividend yields.The Scheme is subject to approval by SPH and Keppel shareholders. In addition, it is also subject to other conditions, including regulatory approvals, and no Material Adverse Effect occurring.Upon the Scheme being effective, SPH will be delisted and be a wholly-owned subsidiary of Keppel. Keppel will hold a remaining stake in SPH REIT and Keppel REIT of approximately 20% each.The Scheme is contingent on the successful completion of the Media Restructuring announced on 6 May 2021. The transfer of the media assets to the CLG is subject to SPH shareholders’ approval at an EGM expected to be convened in August or September 2021. Should the Media Restructuring be approved at the EGM, the completion of the Media Restructuring, including conversion of the management shares to ordinary shares, is expected to occur by December 2021.It is expected that the privatisation by Keppel will be concluded soon after completion of the Media Restructuring. […]

Media Prima Malaysia’s radio platform Ripple has rebranded to Media Prima Audio (MPA) and marked its first holistic rebrand in over 15 years by revamping its radio stations, content and line ups, as well as the overall strategy of all the radio stations.Hot FM and Fly FM now have a new and different sound, complemented with refreshed logos, look and feel. One FM and Kool FM are now branded as 8FM and Buletin FM, respectively.Media Prima Audio’s CEO Nazri Noran said: “This is MPA’s first holistic rebrand in over 15 years and it’s all about allowing us to reinvigorate and strengthen its standing as the top leading radio station in the country. Today we kick it off with on-air programming, new radio talents, fresh logos, and branding across our assets including digital, social and mobile. We are also thrilled with this new journey as it is also being supported by an extensive marketing campaign across all Media Prima group platforms.”

Speaking about the changes of talent lineups for all the radio stations, he said: “Our mission is to drive positive and beneficial changes to the company. Thus, the changes of the talent line up are a part of the new strategy for the brands to appear relevant and competitive in the market. There are lots in store from today onwards for Hot FM, Buletin FM, Fly FM, and 8FM. Malaysia’s radio fans can expect to be thrilled and fall in love with radio all over again with this master brand overhaul.”At the same time, Media Prima Audio has also launched a new mobile app brand, Audio+, which will be the home for all radio, digital and social content, such as radio, podcasts and videos, among others. Instead of downloading a separate app for each station, all brands will now be parked under the Audio+ app.Instead of downloading a separate app for each station, all of the brands will now be parked under one easy and fresh app, Audio+.According to its website, Media Prima Audio has amassed nearly 13 million digital followers, 95 million digital listeners and 1.23 billion video views through its brands.The revamp comes soon after Nazri joined Media Prima Audio in May this year from Astro Radio, where he led its radio brands ERA, Sinar, Gegar, ZAYAN, and Raaga as AVP. He has over 20 years of experience in the entertainment industry and is known for specialising in creating content that resonates with the local audience. Joining him at the same time was Jake Abdullah, formerly CEO of Astro Radio and Fave Malaysia MD,  who came on board as a consultant and Aaron Pinto, previously head of content for Astro Radio, as chief content officer. […]

Benztown, a global leader in radio imaging, voiceover, programming, podcasting and jingles, has entered into a strategic partnership with Audry, a fast-growing new online community connecting podcasters worldwide to grow their podcasts and audiences through promo and guest swaps, idea exchange, production tips, marketing insights and more.Through the partnership, Benztown will provide Audry’s community of over 15,000 registered podcasters, most U.S.-based, with a specially priced starter audio production kit designed for the Audry community of podcasters. Podcasters can tap into Benztown’s audio production resources for podcasters at a reduced rate by creating a free Audry profile on www.Audry.io and accessing the Benztown audio production kit at benztown.audry.io.The Benztown starter audio production kit for Audry members includes 5 downloads from the Benztown Podcast Library, allowing podcasters to easily create top-shelf audio imaging for their podcasts. In addition, Benztown will share with the Audry podcasting community multiple recipes on how to design effective intros and outros for their podcasts. Benztown will also provide the Audry podcasting community with educational content on the art of sound design, best practices and insights on how to get started in podcasting with a professional sounding podcast. For podcasters looking for a more full-service approach to their podcast production, Benztown will provide premium audio production packages including custom-voiced and produced podcast intros.

The Benztown Podcast Library covers a variety of music genres and formats, with a virtually unlimited range of sounds. Podcasters can now access the same database of professionally produced audio workparts as world-famous radio stations and big-name podcasts.Through AudryMatch, Audry instantly connects podcasters with like-minded podcasters in their specific content areas, empowering them to grow their podcasts through promo and guest swaps, idea exchange, production tips, marketing insights and more. Co-founded in 2020 by Berlin, Germany-based entrepreneurs Eugenio Warglien and Niklas Hildebrand, Audry brings together podcasters to make the connections and collaborations that are the key to podcasting success, outsizing their content and upsizing their audience in the process.Dave “Chachi” Denes, President, Benztown, said: “Audry is a tremendous resource for podcasters. I was impressed from the minute I saw the Audry website. We’re proud to partner with them on this initiative and to offer our podcast library to the Audry Community of podcasters.”Andreas Sannemann, Chief Executive Officer, Benztown, remarked: “We are excited to partner with Berlin-based start-up Audry to introduce the world’s best podcast production library to passionate podcasters everywhere who want to step up their game. In this highly competitive marketplace, podcasters need every advantage they can get. The Benztown Podcast Library will give their podcast the distinctive, high quality sound it needs to stand out.” Niklas Hildebrand, Chief Operating Officer and Co-Founder, Audry, commented: “Benztown has been at the forefront of audio imaging for years and helping creators to produce the highest quality audio. This partnership will enable podcasters to receive access to high quality resources on a budget and with no risk.” […]