CNN Money Switzerland will close its operations and file for bankruptcy as a result of being hit by the economic ill-effects of the pandemic and declining revenues, reports Reuters.
While audience figures for the audiovisual programs increased over the past six months, revenues plummeted as business partners hit hard by the coronavirus cancelled or postponed contracts with the company.
The board said that the “future of the Swiss media market did not point to a sustainable profitability solution for the channel’s activities.”
The probation commissioner will preside over the liquidation of the company.
