Ad hoc announcement pursuant to Art. 53 LR

Strategy event covering the development of20 Minuten, Tamedia and Goldbach

Today's strategy day for institutional investors and analysts will explain the development of the media and advertising market and the objectives for 20 Minuten, Tamedia and Goldbach. 

The media industry is currently undergoing a profound structural change, which also impacts the TX Group companies 20 Minuten, Tamedia and Goldbach. Cultivating the high quality and continuous improvement of their offerings and adapting their structures and cost base to the realities of the media and advertising business will enable the companies in the Group to achieve sustainable development in the medium term. 

Competitive margins are a prerequisite for ensuring the long-term existence of companies. They allow companies to overcome economic fluctuations and to invest in the future. The context is different for every company. The ranges for medium-term margin targets were derived on the basis of the development of comparable companies in the domestic and international markets, the market position and the planned development paths.


Segment/ Business Unit

Target 2026

EBIT adj.* margin

20 Minuten

14-16 %


8-10 %

Goldbach (without OOH)

18-22 %

Goldbach Neo (OOH)**

12-14 %

*EBIT adj. is defined as normalized operating income before depreciation and amortization out of mergers and acquisitions and not equal to EAT (earnings after tax). The TX Group’s distribution policy is based on free cash flow. Normally, 35 to 45% of  free cash flow before mergers and acquisitions and after dividends to minorities and repayment of lease liabilities is distributed. **Separate margin target due to the recent acquisition of Clear Channel Switzerland.

20 Minuten is an advertising-funded media service in Switzerland, Austria and Luxembourg. 20 Minuten is the clear market leader in Switzerland, with around 4.6 million visits to the 20 Minuten Group's digital platforms every day. The shift in media consumption from printed newspapers to digital platforms and on to social media is a complex challenge: digital advertising revenues from Switzerland are largely absorbed by the global tech giants. In addition, the digital offering of the SRG, which is subsidized by public broadcasting fees, has developed into a direct competitor. Strict cost management is necessary in order to maintain an economically sustainable basis and enable investment in innovation. Innovations in journalism, in the digital product and in advertising products are the basis to further expand reach and provide an attractive advertising offering. 

Tamedia stands for a diverse portfolio of traditional media brands in both German and French-speaking Switzerland and operates three newspaper printing plants. The business model is based on subscription revenues. A major challenge and priority is to offset the structural decline in printed newspapers with new digital offerings. This also applies to the second revenue stream generated by the advertising market. Tamedia is therefore  striving to diversify its revenue sources. Investments in new, innovative growth areas are necessary for this purpose. As part of the transformation process, all segments are continuously evaluated. In particular, declining segments are reviewed for sustainability in the course of restructuring initiatives.

Goldbach is the leading Swiss advertising marketer and reaches more than 85% of the population. In recent years, advertising on the traditional channels of TV, radio and print has declined, while new digital channels have established themselves. The international tech groups are also strong competitors in the digital advertising market in Switzerland. In order to create a healthy business base, Goldbach is focusing on a strict cost discipline, in addition to investing in growth areas. Goldbach has consolidated the television advertising market: Starting in 2024, it will market the entire inventory of all private TV stations in Switzerland. It will also develop an innovative product in the form of replay ads. The customer base is additionally being strengthened through a targeted marketing expansion aimed at SMEs.

Goldbach Neo is a leading provider of out-of-home advertising in Switzerland and has around 25,000 advertising spaces. In contrast to other types of advertising, this market is growing. Out-of-home advertising is also going digital, whereby the growing market share of the digital out-of-home advertising business is mainly based on incremental growth and not on the cannibalization of the traditional business. Thanks to synergy effects and economies of scale from the integration of Clear Channel Switzerland and Neo Advertising this year, Goldbach Neo will achieve a margin increase in the medium term.

Ursula Nötzli, Chief Communications & Sustainability Officer, Member of the Group Executive Board, +41 76 462 52 45, [email protected]

About TX Group
The TX Group forms a network of platforms and participations that offers users information, orientation, entertainment and assistance for everyday life on a daily basis. Its roots lie in journalism with the diverse newspapers of Tamedia and the free media of 20 Minuten. The portfolio is complemented by the advertising marketer Goldbach. The TX Group is an anchor shareholder of the SMG Swiss Marketplace Group and JobCloud, holds majority stakes in Doodle and Zattoo and is an investor in the fintech sector through TX Ventures. Founded in 1893, the company has been listed on the Swiss stock exchange since 2000.