Josh Simons. Credit: Vinyl Group
Vinyl Group has declined to confirm reports it is cutting jobs at Pedestrian, less than a week after acquiring the youth publisher from Nine Entertainment.
Capital Brief reported staff were emailed on Monday and told to work from home while a "process is completed" affecting "some roles."
Vinyl Group told AdNews it was not yet in a position to confirm any changes, especially so soon after the acquisition.
"Like any business, we need to look at how it was operating and see what adjustments needs to be made for it to become sustainable," a Vinyl spokesperson said.
"Given we have only just announced the purchase we're not in a position to decide or confirm any changes, but we appreciate the contribution of the Pedestrian team to date."
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 $0.6m-$0.8m in pro forma EBITDA to Vinyl in FY27.
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