SPH MediaWorks seeks court order for wind-up - Jan 11, 2005 (BT)
The Straits Times / The Business Times News On SPH
SPH MediaWorks seeks court order for wind-up
Jan 11, 2005
The Business Times
FOLLOWING the completion of the merger of the mass-market TV operations of Singapore Press Holdings and MediaCorp, SPH MediaWorks yesterday sought a court order for its wind-up.
Pending the hearing of the wind-up petition, the High Court has appointed three partners of KPMG as provisional liquidators of the SPH subsidiary.
SPH MediaWorks had ceased operation of channels U and i, and all business as of Jan 1.
While Channel i has ceased transmission, Channel U remains operational under MediaCorp TV Holdings, the company that emerged from the merger and in which SPH owns a 20 per cent stake. MediaCorp TV Holdings also operates channels 5, 8 and TV Mobile.
The winding up of SPH MediaWorks is not expected to have any material impact on the net tangible assets and earnings per share of SPH for the financial year ending Aug 31, 2005.