Youth publisher LADbible is reportedly closing in Australia with the potential loss of 50 jobs.
News.com.au quoted an unnamed source as saying the UK-based business will shut its Australian arm at the end of 2023.
The announcement was made to staff at the weekend.
LADbible plans to run editorial from the UK and appoint a local commercial agent.
"We are not closing, the business will continue but with an optimised operating model," LADbible said.
"We intend to centralise our editorial and social content to our industry leading teams in the UK and we are in discussions with a number of strategic partners to continue our commercial business in Australia.
"We are confident that this operating model, in place for the new year, will further grow our audience across our APAC brands and continue to deliver the high-quality content we are known for."
LADbible told AdNews 52 people were at risk of redundancy.
"We are currently in a period of consultation with those affected," LADbible says.
"The ambition is for around a third of these individuals to be part of the strategic partnership we are exploring in market and so it is hoped therefore that the actual number of redundancies will be far fewer than the ‘at risk’ headcount."
Scott Purcell, a co-founder of independent publisher Man of Many, called the news a sad day.
"It's not just about one company but the bigger picture it represents – the critical need to support independent publishers in our local market," he says.
"Their closure is a stark reminder of our industry's dynamic yet challenging nature. It underscores the importance of diverse, independent voices in enriching our media landscape.
"Yet, in the face of these challenges, there's an undeniable resilience and creativity that smaller independents like us bring to the table.
"Despite not receiving the same level of funding as some larger legacy media players under the News Media Bargaining Code, we've continually adapted and innovated to keep our unique voices heard in the crowded marketplace."
LBG Media, the owner of LADbible, reported revenue up 10% to £27.2 million for the half year to June.
Global audience grew by 95 million to more than 410 million, with 67.1 billion content views, up 87%.
The group was "on track to meet full year expectations".
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