Swiss media firm Tamedia plans nearly 300 layoffs, printing works closures

TX AG

27/08/2024 08:58

ZURICH, Aug 27 (Reuters) - Swiss media company Tamedia
said on Tuesday it will start a fresh round of cost-saving
measures as it closes two of its three printing works and lays
off almost 300 staff.
    Tamedia, publisher of the daily newspaper Tages-Anzeiger
said it would cut around 200 jobs in the printing works and that
another 90 jobs in editorial are also expected to go.
    Tamedia, part of the TX Group  TXGN.S , has around 1,800
employees, the firm said.
    "The media world has fundamentally changed over the last two
decades," TX chairman and publisher Pietro Supino said in a
statement. "After ongoing adjustments, the time has come for a
fundamental reorganisation."
    Tamedia said its printing works in Bussigny on the outskirts
of Lausanne is expected to close at the end of March 2025 and
its Zurich printing operations at the end of 2026. The company's
printing works in Bern will be expanded, it added.
    Tamedia made the announcement as it reported an 8.7% fall in
first-half sales to 203.3 million Swiss francs ($240 million)
and adjusted earnings before interest and tax (EBIT) down 11.7%
to 5.4 million francs.
    ($1 = 0.8479 Swiss francs)

 (Reporting by Oliver Hirt; editing by Jason Neely)
 ((dave.graham@thomsonreuters.com; Reuters Messaging:
dave.graham.thomsonreuters.com@reuters.net))