Credit: Josh Simons
Vinyl Group has confirmed it is looking to reduce headcount at Pedestrian Group from 35 roles to at least 18, as it moves through a formal consultation process following its acquisition of the youth publisher from Nine last week.
In a statement to AdNews, Vinyl Group said the business it intends to operate going forward would include at least 18 roles, down from the current 35.
The company stressed that no redundancies have been made at this stage.
“The Pedestrian business Vinyl Group is proposing to operate moving forward will include at least 18 roles, reduced from the previous 35 roles,” the spokesperson told AdNews.
“It is important to be clear that the company is currently in a consultation period. No one has been made redundant today.
“As part of that process, the company will consider redeployment opportunities where appropriate for any person who may be affected.”
Vinyl Group also pointed to the personal impact of the process on staff.
"We will not comment on individual people or individual roles, and we strongly encourage others not to speculate while this process is underway. These are individuals with livelihoods, not just numbers to be reported on,” the spokesperson said.
Earlier today, AdNews reported Vinyl Group had declined to confirm reports of job cuts, after Capital Brief reported staff had been emailed on Monday and instructed to work from home while a "process is completed" affecting "some roles."
Vinyl Group acquired Pedestrian from Nine for nominal consideration, with no material cash, debt, scrip or ongoing royalties involved.
Following a restructure, Pedestrian is expected to contribute $0.6 million - $0.8 million in pro forma EBITDA to Vinyl in FY27.
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