SINGAPORE (Aug 25): Singapore Press Holdings (SPH) is selling its 20% stake in Mediacorp TV Holdings and 40% stake in Mediacorp Press back to Mediacorp, for a sum of $18 million.

Mediacorp TV Holdings owns Channels 5, 8 and U as well as Mediacorp Studios, while Mediacorp Press operates the TODAY newspaper.

The transaction is expected to be completed at the end of September and SPH will record a writedown of about $31 million in its books.

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