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Employees learned of their employers’ plans Wednesday morning. CH Media later announced layoffs as part of its savings program. According to the statement, the media company currently assumes that approximately 150 full-time positions will have to be cut in the first quarter of 2024 in all regions of German-speaking Switzerland, where approximately 2,000 employees are employed. This includes approximately 90 terminations.
CH Media cites a “serious decline in sales” in recent months as the reason for the massive layoffs. Areas in challenging core markets such as entertainment and publishing are particularly affected. In the first half of the year, CH Media has already recorded a loss of 6.9 million francs. “Since then, the improvement has become even more pronounced, primarily due to the lack of advertising revenue,” the company continues in its statement.
“Very harsh measures”
Mitigation should be achieved in a socially acceptable way and through natural fluctuation where possible. In the first quarter of 2024. Legal consultation process has been opened. Michael Wanner, CEO of CH Media: “The board and company management concluded that we needed to significantly reduce costs and that serious measures were needed to achieve this. I regret this step, but I think it is inevitable if the company is to survive in the future.” It was hoped to prevent major layoffs.
Another media company, TX Group, announced layoffs at the end of September. Tamedia is cutting a total of 48 editorial positions as part of its savings programme. Other jobs will also be cut at relevant publishing houses. Tamedia said the layoffs in German-speaking Switzerland were part of a savings package totaling 6 million francs. A month later in Zurich and Lausanne, more than 100 Tamedia employees protested TX Group’s layoffs.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
