"At SPH, we recognise the power of sharing in a world that's more connected than ever, across multiple platforms." Disruption to the media industry is faster and more frightening than I had expected. Actually, if an IT dinosaur like me can be a blogger, I shouldn't be alarmed by this but I am. That the disruption has impacted SPH is amply evident with its earnings declining in the last few years. DPS declined by 33% or so in the last 5 years and we will probably see DPS dropping by another cent or two this year. If the decline is seasonal, there is no reason to fear because some months will do better. If the decline is cyclical, we can always wait for the cycle to turn up if we are patient enough. However, if the decline is structural, whether a business can do well again would depend on whether it is able to re-invent itself to stay relevant in the face of a new reality......