Publishing & Media Houses Switzerland: 3–5× EBITDA, 1,470 Firms (2026)

1.0Market Snapshot

1,470: Publishers of books, directories, newspapers, magazines and other print and online publications in 2024 (BFS STATENT, NOGA 58.11–58.19). Broadcasters (112 businesses, 9,830 employees) and software publishers are counted in other classes and are not included.
16,249: Employees in these businesses in 2024 (BFS STATENT), 11,889 full-time equivalents; newspaper publishers alone employ 8,652.
−5.4%: Employment change from 2023 to 2024 (BFS STATENT). Employment in publishing is 23.8% below 2011.

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 1,470 publishing & media houses companies — Publishers of books, directories, newspapers, magazines and other print and online publications in 2024 (BFS STATENT, NOGA 58.11–58.19). Broadcasters (112 businesses, 9,830 employees) and software publishers are counted in other classes and are not included..

2.0Industry Overview

Market Scope

BFS counted 1,470 publishers with 16,249 employees in 2024 (STATENT, NOGA 58.11–58.19), 5.4% fewer employees than a year earlier and 23.8% fewer than in 2011. Newspaper publishers are the core: 171 businesses with 8,652 employees. Magazine publishers lost a quarter of their jobs in 2024 alone (from 3,995 to 3,007). Broadcasting, dominated by the public SRG, is counted separately with 112 businesses and 9,830 employees. No official market size for Swiss media is published.

3.0Industry Health Check (SWOT)

Internal factors

Strengths4

Strong regional brands and loyal subscribers

Weaknesses4

Falling print advertising and circulation

External factors

Opportunities4

Digital subscriptions and paid content

Threats4

Advertising flowing to Google, Meta and other global platforms

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Print shrinks

CHF 589 million

Press advertising fell to CHF 589 million in 2025 from CHF 740 million in 2021 (Stiftung Werbestatistik Schweiz); 20 Minuten has been purely digital since the end of 2025 and Tamedia is closing its print centres (TX Group).

Digital carries the profit

15.8%

Ringier reached a record EBITDA margin of 15.8% in 2025, with 83% of operating profit from digital business, despite revenue falling 4.8% to CHF 762.4 million (Ringier, May 2026).

Family ownership consolidates

35%

The Wanner family took over the remaining 35% of CH Media from NZZ on 1 April 2026 (SRF).

Marketplaces separate from media

CHF 4.5 b

SMG Swiss Marketplace Group, in which Ringier and TX Group hold stakes, listed on SIX in September 2025 at a market value of about CHF 4.5 billion (cash.ch).

Public broadcaster keeps its fee

60%

Voters rejected the initiative to halve the SRG licence fee on 8 March 2026 by more than 60% (SRF).

5.0Cost Structure Benchmark

45%

18%

12%

14%

11%

Personnel45%: editorial, sales, technology
Printing, paper and distribution18%
IT and digital products12%
Administration and other14%
EBITDA margin11%

Indicative split for a Swiss regional publisher, not a measured figure. Margins differ widely: Ringier reported an EBITDA margin of 15.8% in 2025, while CH Media's EBIT margin was 3.5%.

6.0Top Publishing & Media Houses Companies in Switzerland

Name	Location	Key Facts
TX Group AGCHE-105.836.696	Zürich ZH	TX Group AG: listed media group registered in Zurich (formerly Tamedia AG), owner of Tamedia, 20 Minuten and Goldbach and a shareholder of SMG. 2025 operating income CHF 873.1 million (−7.3%), EBITDA CHF 190.2 million; Tamedia alone CHF 385.7 million.
Ringier AGCHE-298.430.158	Zofingen AG	Ringier AG: family-owned media and marketplace group registered in Zofingen (Blick). 2025 revenue CHF 762.4 million (−4.8%), EBITDA CHF 120.3 million, a record margin of 15.8%, with 83% of operating profit from digital business.
CH Media Holding AGCHE-409.973.833	Aarau AG	CH Media Holding AG: regional newspapers, radio and TV stations, registered in Aarau. 2025 revenue CHF 406.4 million and EBIT CHF 14.2 million; about 1,770 employees. Fully owned by the Wanner family since 1 April 2026.
Aktiengesellschaft für die Neue Zürcher ZeitungCHE-104.085.912	Zürich ZH	Aktiengesellschaft für die Neue Zürcher Zeitung: publisher of the NZZ, founded in 1780, registered in Zurich. In the first half of 2025, operating income CHF 117.1 million and net profit CHF 6.9 million; it sold its 35% of CH Media in 2026 and raised its stake in APG\|SGA to 45%.
Schweizerische Radio- und FernsehgesellschaftCHE-102.978.667	Bern BE	Schweizerische Radio- und Fernsehgesellschaft (SRG SSR): the public broadcaster with SRF, RTS, RSI and RTR, an association registered in Bern. Voters rejected halving its licence fee on 8 March 2026.
ESH Médias Editions SACHE-103.959.721	Sion VS	ESH Médias Editions SA: publisher of Le Nouvelliste, registered in Sion. It does not publish figures.
Somedia AGCHE-101.242.144	Chur GR	Somedia AG: regional newspapers, radio and TV in south-eastern Switzerland, registered in Chur. It does not publish figures.
Corriere del Ticino Holding SACHE-156.456.364	Neggio TI	Corriere del Ticino Holding SA: holding company for the Corriere del Ticino and other media, registered in Neggio. It does not publish figures.

TX Group AG

CHE-105.836.696

Zürich ZH

TX Group AG: listed media group registered in Zurich (formerly Tamedia AG), owner of Tamedia, 20 Minuten and Goldbach and a shareholder of SMG. 2025 operating income CHF 873.1 million (−7.3%), EBITDA CHF 190.2 million; Tamedia alone CHF 385.7 million.

Ringier AG

CHE-298.430.158

Zofingen AG

Ringier AG: family-owned media and marketplace group registered in Zofingen (Blick). 2025 revenue CHF 762.4 million (−4.8%), EBITDA CHF 120.3 million, a record margin of 15.8%, with 83% of operating profit from digital business.

CH Media Holding AG

CHE-409.973.833

Aarau AG

CH Media Holding AG: regional newspapers, radio and TV stations, registered in Aarau. 2025 revenue CHF 406.4 million and EBIT CHF 14.2 million; about 1,770 employees. Fully owned by the Wanner family since 1 April 2026.

Aktiengesellschaft für die Neue Zürcher Zeitung

CHE-104.085.912

Zürich ZH

Aktiengesellschaft für die Neue Zürcher Zeitung: publisher of the NZZ, founded in 1780, registered in Zurich. In the first half of 2025, operating income CHF 117.1 million and net profit CHF 6.9 million; it sold its 35% of CH Media in 2026 and raised its stake in APG|SGA to 45%.

Schweizerische Radio- und Fernsehgesellschaft

CHE-102.978.667

Bern BE

Schweizerische Radio- und Fernsehgesellschaft (SRG SSR): the public broadcaster with SRF, RTS, RSI and RTR, an association registered in Bern. Voters rejected halving its licence fee on 8 March 2026.

ESH Médias Editions SA

CHE-103.959.721

Sion VS

ESH Médias Editions SA: publisher of Le Nouvelliste, registered in Sion. It does not publish figures.

Somedia AG

CHE-101.242.144

Chur GR

Somedia AG: regional newspapers, radio and TV in south-eastern Switzerland, registered in Chur. It does not publish figures.

Corriere del Ticino Holding SA

CHE-156.456.364

Neggio TI

Corriere del Ticino Holding SA: holding company for the Corriere del Ticino and other media, registered in Neggio. It does not publish figures.

Companies are listed when they are confirmed in the commercial register, have a significant Swiss presence in this niche and at least one sourced fact.

7.0Succession & M&A Context

Brands, subscribers and digital revenue carry value

16,249: employees of Swiss publishers in 2024, −5.4% on 2023 (BFS STATENT)
CHF 589m: press advertising in 2025, down from CHF 740m in 2021 (Stiftung Werbestatistik Schweiz)
83%: share of Ringier's operating profit from digital business in 2025 (Ringier)
3.0–5.0×: EBITDA deal multiples (ValIndex multiples table)

Print publishing is shrinking, so buyers value the parts that last: regional brands, paying subscribers, digital audiences and any marketplace or event business attached to the title. Many small publishers and printers are family-owned with no successor, and the large groups are consolidating rather than expanding print. Buyers pay for digital subscription revenue, strong local brands and low fixed costs, and discount for dependence on print advertising, owned printing plants and pension liabilities. ValIndex's multiples table puts publishing and media houses at 3.0–5.0× EBITDA in transactions and 2.0–3.5× on statutory valuations.

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Valuation Snapshot

Publishing & Media Houses business valuation in Switzerland

Statutory Multiple (EBITDA): 2.0 - 3.5×
Deal Multiple (EBITDA): 3.0 - 5.0×
Market Trend: Declining

Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.

8.0Regional Clusters

Zurich

421 publishers with 5,444 employees in 2024 (BFS STATENT), a third of the sector's jobs; TX Group and NZZ are registered here.

Western Switzerland

VDGEFRVSNEJU

350 publishers with 2,808 employees; ESH Médias is registered in Sion.

Bern and Solothurn

BESO

177 publishers with 1,362 employees; the SRG is registered in Bern.

Eastern Switzerland

SGTGGRSHARAIGL

148 publishers with 928 employees; Somedia is registered in Chur.

Northwestern Switzerland

AGBLBS

137 publishers with 4,186 employees, by far the largest on average (30.6 per business), because CH Media (Aarau) and Ringier (Zofingen) are registered in the canton of Aargau.

Central Switzerland

LUSZZGOWURNW

128 publishers with 989 employees.

Ticino

56 publishers with 464 employees; Corriere del Ticino Holding is registered in Neggio.

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 58.11–58.19 publishing; 60.10/60.20 broadcasting)TX Group — Medienmitteilung Jahresabschluss 2025 markt & kommunikation — Ringier financial year 2025: record margin and SMG IPO (5 May 2026)cash.ch — Ringier treibt Transformation voran und verdient 2025 erneut mehr (May 2026)CH Media — Jahresbericht 2025: Zahlen und Fakten SRF — Familie Wanner übernimmt restliche Anteile an CH Media (25 March 2026)markt & kommunikation — Despite investments: NZZ presents solid half-year results (28 August 2025)APG|SGA — Increase in the NZZ's stake in APG|SGA completed (30 April 2026)SRF — Abstimmungen vom 8. März: SRG-Initiative scheitert (8 March 2026)Stiftung Werbestatistik Schweiz — Gesamtübersicht Netto-Werbeumsätze 2021–2025 Zefix — Swiss Central Business Name Index (seats and former names of TX Group AG, Ringier AG, CH Media Holding AG, AG für die Neue Zürcher Zeitung, SRG SSR, ESH Médias Editions SA, Somedia AG and Corriere del Ticino Holding SA)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-10|11 sources cited

9.0Frequently Asked Questions

▶How much is a publishing or media company worth in Switzerland?

ValIndex's multiples table puts Swiss publishing and media houses at 3.0–5.0× EBITDA in transactions and 2.0–3.5× EBITDA on statutory valuations. Publishers with growing digital subscriptions or attached marketplaces sit at the upper end; print-dependent titles with their own printing plants at the lower end.

▶What drives the value of a Swiss publisher?

Buyers price: (1) digital subscription and recurring revenue; (2) the strength of local brands; (3) dependence on print advertising; (4) fixed costs such as printing plants and distribution; (5) pension liabilities; (6) the editorial and sales team.

▶How big is the Swiss publishing and media sector?

BFS counted 1,470 publishers with 16,249 employees in 2024 (STATENT, NOGA 58.11–58.19) and, separately, 112 broadcasters with 9,830 employees. No official market size is published; TX Group alone had operating income of CHF 873.1 million in 2025.

▶Who are the main Swiss media groups?

Leading players include TX Group in Zurich, Ringier in Zofingen, CH Media in Aarau, NZZ in Zurich, the public broadcaster SRG in Bern, ESH Médias in Sion, Somedia in Chur and Corriere del Ticino in Neggio.

▶What are the key trends in Swiss publishing and media?

Five trends: (1) print shrinking, with titles going purely digital; (2) digital business carrying the profits; (3) family ownership consolidating, as at CH Media; (4) marketplaces separating from media through the SMG listing; (5) the SRG keeping its licence fee after the March 2026 vote.

▶What are the main risks when buying a Swiss publisher?

The main risks are: (1) continued decline of print advertising and circulation; (2) loss of traffic to global platforms and AI search; (3) fixed costs of printing and distribution; (4) pension liabilities; (5) changes in press subsidies. Due diligence should check subscriber trends, the split of print and digital revenue, printing contracts and pension funding.

▶Is Swiss print advertising still declining?

Yes. Press advertising fell to CHF 589 million in 2025 from CHF 740 million in 2021, and total Swiss net advertising revenue fell 1.3% in 2025 (Stiftung Werbestatistik Schweiz).

▶Where are Swiss publishers located?

Using BFS figures for 2024: Zurich has the most publishers (421, with 5,444 employees), followed by Western Switzerland (350; 2,808), Bern and Solothurn (177; 1,362), Eastern Switzerland (148; 928), Northwestern Switzerland (137; 4,186), Central Switzerland (128; 989) and Ticino (56; 464).

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