In consultation with WarnerMedia/CNN in London, the board of directors, after a thorough examination, came to the conclusion that the economic uncertainties were too large in Switzerland and that the developments in the local advertising market did not lead to expectations of sustained profitability, according to a statement.
The Corona pandemic had a considerable impact on revenues in the past six months. “While viewer numbers have risen sharply, the company’s revenues have collapsed,” according to the statement. Business partners, who were themselves affected by the pandemic, cancelled contracts or postponed the implementation of projects.
The trustee will now initiate the liquidation of the company. In close coordination with the responsible authorities, everything will be done to limit the consequences of these decisions for the 25 employees, stresses the channel.
CNN Money Switzerland launched on January 24, 2018 as an English-language, advertising-financed free-TV service via cable, IPTV and internet. The channel targeted executives, business people and opinion leaders of international corporations and institutions based in Switzerland who are interested in financial and business news and developments.
The launch in Switzerland was part of CNN Worldwide’s ambition to roll out its CNN Money brand internationally.