Swiss Media Empire TX Group Layoffs Staff

Swiss Media Empire TX Group Layoffs Staff

Tue, May 7th 2024

In a sudden move, TX Group has laid off several back office employees, raising concerns over its management decisions amidst challenging economic conditions.

KEYSTONE/Michael Buholzer

TX Group operates a media network that includes Tamedia, 20 Minuten media, and Goldbach, a leading advertising marketer. TX also holds majority interests in Doodle and Zattoo, and invests in fintech through TX Ventures. With almost a billion in revenue, 2,500 employees. With things going well the claims by insideparadeplatz that the firm is laying off staff came as a surprise.

This action coincided with Zurich’s May Day celebrations, affecting employees across finance, human resources, and IT. Despite an improved financial performance in 2023, the company cited ongoing economic challenges as the reason for these cuts.

This move comes as TX seeks a second attempt in Bern to secure taxpayer funding to support local publishers’ transition to digital platforms.

Meanwhile, TX Group’s affiliate, Swiss Marketplace Group (SMG), enjoys a near-monopoly in the digital platform market with brands like Homegate and Autoscout24.

However, SMG is facing challenges, including backlash from real estate agents over significant price hikes. The regional branch of a Swiss Real Estate Association is even considering a boycott, reflecting growing dissatisfaction among industry professionals.

TX Group’s management strategies and their impact on employee stability and industry pricing practices are now under scrutiny, with the public and stakeholders awaiting further developments.

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