Singapore - SPH Multimedia Pte Ltd (SPHMM) announced today that it has acquired NTUC Media's 7.1 per cent stake in SPH UnionWorks Pte Ltd.
With this acquisition, SPH UnionWorks becomes a fully-owned subsidiary of SPHMM, which previously held 92.9 per cent stake in SPH UnionWorks.
This deal came after NTUC Media, a co-operative of the National Trades Union Congress (NTUC), announced that it will shut down by the end of the year and will be selling its stake in SPH UnionWorks.
SPH UnionWorks manages and operates three radio stations - HOT FM91.3, UFM 100.3 and Kiss92.
The latest Nielsen radio survey results released on 28 Nov 2013 saw Kiss92 emerge as Singapore's No. 1 English music station. HOT FM91.3 retained its number 1 English hit music station position and UFM100.3 maintained its number 4 spot among the other Chinese radio stations.
Mr Alan Chan, Chief Executive Officer of SPH, said: "With this transaction, we will continue to invest in our radio operations. We are pleased with the recent listenership figures in the Nielsen radio surveys.
"Our new station, Kiss 92, is now No.1 among English stations in terms of share and times spent listening.
"Our radio platform is also an important part of our multi-platform offering for advertisers."