Swiss media company Tamedia announces the closure of two printing plants and layoffs of nearly 300 employees as part of a cost-saving strategy amid declining sales and earnings.
Bollywood Fever: Swiss media giant Tamedia has announced a new round of cost-saving measures, including the closure of two of its three printing facilities and the layoff of nearly 300 employees.
The decision comes as the company grapples with declining revenues and the need to adapt to a rapidly changing media landscape.
Tamedia, a subsidiary of the TX Group and publisher of the prominent daily newspaper Tages-Anzeiger, revealed that approximately 200 jobs would be cut from its printing operations, with an additional 90 editorial positions also expected to be eliminated.Â
This represents a significant reduction in the company’s workforce, which currently stands at around 1,800 employees.
“The media world has fundamentally changed over the last two decades,” TX Group Chairman and Publisher Pietro Supino stated. “After ongoing adjustments, the time has come for a fundamental reorganisation.”
As part of the restructuring, Tamedia’s printing facility in Bussigny, located on the outskirts of Lausanne, is slated for closure by the end of March 2025.
The Zurich printing operations will also be shut down by the end of 2026. However, the company plans to expand its printing works in Bern, which will continue to operate.
The announcement coincided with Tamedia’s report of an 8.7% decline in first-half sales, bringing revenues down to 203.3 million Swiss francs ($240 million).
Additionally, the company’s adjusted earnings before interest and tax (EBIT) fell by 11.7%, dropping to 5.4 million francs.
The decision to implement these cost-saving measures reflects the broader challenges facing traditional media companies, as digital transformation and shifts in consumer behavior continue to reshape the industry.
While painful, these changes are seen as necessary for Tamedia to maintain its competitiveness and adapt to the evolving demands of the media landscape.
Also Read Other Articles, China Condemns U.S. Sanctions Over Ukraine War Ahead of Jake Sullivan’s Beijing Visit
SAS Reaches Wage Agreement with Norwegian Cabin Crew, Ending Strike That Grounded Flights
Australia to Cap New International Student Enrolments at 270,000 in 2025 Amid Migration Concerns
