Swiss parliament greenlights media support package

Parliament has approved an annual financial package of CHF150 million ($166 million) to help struggling newspapers and online media in Switzerland. The House of Representatives on Wednesday ironed out final differences over the long-discussed support package for the Swiss press, which has been agreed for a seven-year period. Online press organisations will benefit from up to CHF30 million a year of federal money to help them cope them with the fast-changing digital transformation of their industry – the shift from hardcopy newspapers and magazines to online news services. Parliamentarians agreed that federal support could amount to up to 60% of a media organisation’s annual turnover – the Federal Council (executive body) had initially proposed 80%. Additional funds are planned for new media start-up organisations. The financial package also foresees CHF120 million in reduced postal charges to help media organisations cover the delivery of daily newspapers, weekly magazines, and...