Zurich, Switzerland (GenevaLunch) – Profits at Switzerland’s largest media group, Tamedia AG plunged to only CHF800,000, a drop of almost 99 percent in the first half of 2009, the company announced 3 September. The results were even worse than analysts had predicted, and were blamed by the company on the “severe recession and also a collapse in advertising spending“. Sales revenues dropped 15.9 percent in the period versus only a 1.7 percent decline in corresponding costs, despite making savings of CHF47.8 million in the first half of the year.
Total advertising sales for Swiss daily newspapers declined 24.3 percent, and job ad placements were down 47.4 percent. The company announced the suspension of local newspaper Solothurner Tagesblatt.
Background: “Swiss competition commission takes closer look at Edipresse-Tamedia fusion“, 03 July 2009, GenevaLunch
This work by genevalunch.com is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported.
News story, GenevaLunch, 3 September 2009.
Filed under: Business
Tags: advertising sales, media group, profits, publishers, Solothurner Tagesblatt, Swiss newspapers, Tamedia
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October 9th, 2009 at 12:56 pm
[...] in the year it cut 28 jobs, and Tamedia, which is buying Edipresse Suisse, cut 80 jobs. The two free newspapers published by the groups [...]