CH Media puts the brakes on costs: 30 million savings per year
The media company CH Media aims to reduce its annual recurring costs by 30 million Swiss francs by the end of 2022. According to the company, the efficiency program will result in job cuts.
Despite the structural change and the coronavirus crisis, the savings should provide the financial resources to make investments in the CH Media 2025 strategy. This was announced by the media company on Thursday.
The Swiss media company includes, among others, the Aargauer newspaper, the Lucerne Newspaper as well as the TV stations Tele Züri and TV 3+. According to its own information, CH Media employs around 2000 people. Annual turnover amounts to CHF 448 million. CH Media was established in fall 2018 as a joint venture between the NZZ Media Group and AZ Medien.
The efficiency program is now being implemented, said company spokesman Stefan Heini at the request of Keystone-SDA. It will also lead to job cuts. He did not provide any specific details.
According to CH Media, the structural change in the media business and the sustained loss of sales due to the coronavirus crisis are the main reasons for the program "to further increase efficiency in all areas and to streamline the cost base".
All in all, they represented a major challenge for the implementation of CH Media's strategy. The digitization of the paid newspaper and the further development of the Entertainment division continued to require high investments.
A new efficiency program is essential for successful implementation and to ensure financial leeway even under the difficult conditions with falling sales. (SDA)
