Singapore-based digital publication Rice Media has been acquired by Hustle Studios, a subsidiary of SkillsFuture-accredited training provider Hustle Singapore, the companies announced March 29. The move comes as independent digital media outlets across the region navigate a challenging financial landscape and marks a shift for Rice Media, known for its long-form journalism and cultural commentary. Although the financial terms of the deal were not disclosed, the acquisition allows Rice Media to settle outstanding liabilities and provide severance packages to staff, according to its founder and CEO.
The acquisition of Rice Media reflects a broader trend of consolidation within the digital media space, particularly as outlets seek sustainable business models. Hustle Studios, which specializes in social media content creation and training, intends to leverage Rice Media’s editorial credibility and audience reach, while integrating its own expertise in creative industry training programs. This partnership aims to create a synergy between compelling storytelling and practical skills development, a strategy that could prove vital in a rapidly evolving media environment.
A Shift in Ownership, A Continuation of Content
According to a statement released by Rice Media, the acquisition by Hustle Studios deepens an existing relationship. Hustle Singapore has been a training partner for the publication for some time. The website will continue to operate at its current address, and the companies have indicated that further announcements regarding the future direction of the publication will be forthcoming. This commitment to maintaining the existing platform offers some reassurance to Rice Media’s loyal readership.
Mark Tan, the founder and CEO of Rice Media, initially considered shutting down the publication, but ultimately decided against it. He explained to The Straits Times that he believed Rice Media still had a valuable role to play in providing alternative perspectives on Singapore and Asia. “Also, the transaction and the money coming in would allow me to settle most of the liabilities and also pay people a severance package, so I think it’s really the most responsible thing for me to do,” Tan said. He declined to reveal the sale price.
From Angel Investment to Acquisition
Rice Media was founded in 2016 by Tan, a former lawyer, with the stated goal of offering an “unfiltered accept” on Singapore and the wider region. The publication gained traction with its in-depth reporting and commentary on Singaporean news, culture, and social issues. The company initially received a $300,000 investment from an angel investor in 2017, according to past reports. By 2019, Rice Media had grown to attract approximately 500,000 monthly unique visitors, demonstrating a significant reach within its target audience.
However, the digital media landscape is notoriously competitive, and maintaining financial stability has proven hard for many independent outlets. In recent months, Rice Media faced financial pressures that led to staff reductions. Five employees – writers and a video editor – were notified of their retrenchment in November and early December 2025, with the layoffs taking effect in January 2026. Those affected received a month’s pay as severance, and the Creative Media and Publishing Union was informed of the decision, Tan confirmed.
A History of Investigative Journalism
Throughout its existence, Rice Media established a reputation for tackling sensitive and often controversial topics. In 2018, the publication’s coverage of an event featuring American Christian preacher Lou Engle, where anti-Islamic remarks were made, prompted an investigation by the Singapore Ministry of Home Affairs and a police report from Cornerstone Community Church (CSCC). The incident highlighted Rice Media’s willingness to address potentially divisive issues.
Further demonstrating its commitment to investigative reporting, in 2021 Rice Media published exposés on alleged misconduct by Kenny Leck, owner of independent bookstore BooksActually, and on Singaporeans who lost funds in a business venture linked to businessman Raymond Ng. The publication also covered current affairs, including the 2025 General Election, and explored topics such as mental health and niche subcultures within Singapore. Alongside its editorial work, Rice Media generated revenue through branded content partnerships with corporate clients.
Tan’s Future Focus and the Path Forward
Mark Tan, while stepping away from day-to-day operations at Rice Media, remains active in the digital media and technology sectors. He continues to lead Blockhead.co, a news site focused on cryptocurrencies and blockchain technology, and Blockhead Research Network, a market intelligence firm serving institutional investors. Tan described his departure from Rice Media as a fulfilling conclusion to a significant chapter in his career. “At a certain point in time, maybe what you want personally outgrows what you do professionally, and that’s what’s happening now,” he said.
The acquisition by Hustle Studios represents a new phase for Rice Media. The integration of editorial content with social media expertise and training programs could potentially broaden the publication’s reach and create new revenue streams. The immediate priority will be to navigate the transition and ensure a smooth continuation of editorial operations. Further details regarding the specific plans for Rice Media under its new ownership are expected to be announced in the coming months.
Readers interested in staying updated on Rice Media’s developments can continue to visit the website at its current address. The next key development to watch for will be the announcement of Hustle Studios’ specific plans for the publication’s editorial direction and future content strategy.
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