The New Paper will be revamped, free from December
Readers of The New Paper (TNP) can look forward to a brand new look and content mix from the tabloid starting Dec 1.
On top of that, TNP, which costs 70 cents for the weekday edition and 80 cents for the Sunday edition, will be distributed free-of-charge.
Singapore Press Holdings (SPH), which publishes TNP, announced the new product on Monday (Oct 17).
The move is part of the media company's initiative to refresh and rationalise its suite of products.
The new product is the result of a merger of TNP and My Paper, a free sheet bilingual newspaper also published by SPH, and will combine the strengths of both products.
It will be published from Monday to Saturday, and be available at existing distribution points including MRT stations.
Mr Warren Fernandez, Editor-in-Chief of English/Malay/Tamil Media group, said: "The New Paper currently has daily average sales of more than 60,000 which means over 60,000 people are prepared to pay 70 cents each day for the paper.
"Merging TNP with My Paper, making it free and increasing its circulation to up to 300,000 copies, is a bold decision to serve our readers with a strong product and with revamped content. TNP has a long tradition of remaking itself to stay attuned to readers' interests and needs.
"That's part of its DNA. So now, we're making it new again, and planning a product that we believe both readers and advertisers will find appealing."
The revamped TNP, which will be in English only, will also be available online as part of SPH's continuing push into the digital market.
SPH also announced that it will be carrying out a right-sizing exercise across the SPH Group to reduce operating costs in light of the changing media landscape.
This will involve a staff reduction of up to 10 per cent over two years, through attrition, retirement, non-renewal of contracts, outplacement and retrenchment.
In a statement, SPH, which employs 4,200 people, said it will work with the relevant unions to ensure that fair terms are given to affected staff and will extend to them the necessary help to support them in their transition.
Mr Alan Chan, CEO of SPH, said: "We have done a comprehensive business review to strengthen our position in a tough economic and media environment. Market conditions will remain difficult with the continuing disruption of the media industry.
"We have had to take difficult decisions on cost control measures to improve operational efficiency. We will continue to innovate and invest in our media products to stay ahead and relevant. At the same time, we will grow our business adjacencies to diversify revenue streams and maximise stakeholder value."