On November 22, 2023, Minister for Communications and Information Josephine Teo stated that SPH Media Trust’s (SMT) acquisition of technology news outlet Tech in Asia (TIA) supports its transformation and aligns with the goals of government funding. This funding, amounting to S$180 million annually, is designated for technology development, talent cultivation, and the preservation of vernacular media, although the government does not directly involve itself in such acquisitions.

In response to a parliamentary question, Teo noted that the financial details of the acquisition will remain undisclosed due to market sensitivities. SMT had previously communicated its intention to acquire TIA using existing resources, asserting the need for the organization to make independent and sound decisions as a commercial entity.

Teo addressed concerns regarding potential agglomeration risks in the media landscape, emphasizing the necessity for a more comprehensive understanding of the industry, especially given the increasing fragmentation and competition from social and digital media. She reassured that the government is committed to protecting consumers and preventing anti-competitive practices.

The acquisition, announced earlier this month, is part of SMT’s strategy to enhance its financial daily, The Business Times (BT), and position it as a regional player. TIA, known for its diversified operations in Southeast Asia, boasts a robust events division and significant presence in Indonesia, further strengthening SMT’s regional footprint.