Catena Media is cutting 29 jobs in its content production and content marketing teams to reduce annual costs by €2.2m.
The lay-offs will help the affiliate’s transition to becoming a “leaner, product-led organisation,” it said.
The announcement on Wednesday came as Catena Media prepares for a €40m non-cash impairment charge to affect its audited Q3 results.
The book value of certain non-core products has been determined to have decreased. The charge also relates to changes in book value estimates that have arisen due to Catena’s underperformance in sports betting in recent quarters.
The affiliate expects Q3 revenue of between €10.5m and €11m and adjusted EBITDA of between €1m and €1.5m.
“In Q3 I was also pleased to see an improvement in the cost base following the non-renewal of certain media partnerships and the optimisation of other agreements,” said Catena CEO Manuel Stan.
“This reduced top-line revenue but positively impacted adjusted EBITDA. We are keenly aware that the market is looking for signs of a return to revenue growth.
“Although the figures reported today do not yet show that improvement, we see positive signals from the changes we have made in recent months such as a leaner cost base and improved search rankings, and we remain on course to achieve our objective.”