The Swiss Media Company, CNN Money Switzerland (CNNMS) will cease operations and file for bankruptcy after the coronavirus pandemic hit revenue. While audience figures for the company’s audiovisual programmes rose sharply over the past six months, revenues contracted as business partners hit by the crisis cancelled or postponed contracts, CNNMS said in a statement.

Its board of directors came to the conclusion that the uncertainty surrounding the economy and the future of the Swiss media market did not point to “a sustainable profitability solution” for the channel’s activities, CNNMS said.

The probation commissioner will preside over the liquidation of the company, CNNMS said.

Launched in January 2018, CNNMS is managed by a privately owned Swiss media company and has 25 employees. It is the only Swiss partner of the Turner/CNN Group brands.

The drop in income has forced many private media companies to introduce short-time work for their staff, effectively lowering salaries by reducing working hours. This has led to newspapers cutting back on the number of sections produced - in some cases no longer publishing local news, while TV and radio stations are broadcasting limited programming.

In French-speaking Switzerland, the Fribourg daily La Liberté is now only publishing two sections, instead of the usual four, while some radio stations in the western Jura region have implemented a reduced programming schedule.

The Tamedia group, which owns numerous newspapers throughout the country, has also introduced short-time working. This measure is contested by journalists who feel that the conditions for short-time working are not being met since the workload has remained the same.

Publishers have also been under pressure from journalists and politicians who have called on them to offer coronavirus-related news to the entire population free of charge, arguing that this is a public health issue: in order to fight the pandemic effectively, every inhabitant should have access to reliable, independent and quality information. Both unions and media owners have demanded financial support.

Source- Reuters