CH Media plans to cut 150 jobs
Due to a significant decline in revenue, the media company is forced to substantially reduce costs—particularly in the area of personnel. A social plan has been put in place for employees.
CH Media has been confronted with a sharp drop in sales in the demanding core markets of entertainment and publishing in recent months, as the media company announced today. CH Media had already recorded a loss of CHF 6.9 million in the first half of the year. Since then, the development has become even more pronounced, mainly due to the lack of advertising income. The advertising market is not expected to recover in the short term.
CH Media is therefore forced to significantly reduce its personnel costs - a reduction in headcount will therefore be unavoidable, according to the press release. CH Media currently assumes that a reduction of around 150 full-time positions will be necessary in the first quarter of 2024 across all areas of German-speaking Switzerland, where almost 2,000 employees work, of which around 90 will be made redundant.
The reduction is to be carried out in a socially responsible manner and, where possible, through natural fluctuation. The statutory consultation procedure has been opened; the company management is in direct contact with the staff committee. The current social plan will apply to the employees affected.
According to CH Media, the measures would ensure the future viability of CH Media and enable long-term investments in the digitization of the journalistic offerings as well as the further expansion of the entertainment sector.
