Australian ticketing group TEG is eliminating 42 positions as part of a broader restructuring effort led by new chief executive Cameron Hoy.
The move comes less than a month after the departure of former CEO Brad Banducci and signals an immediate push to streamline the company’s operating model.
Hoy, who took the helm recently, stated that the cuts are necessary to "simplify our operating model." The restructuring is being driven by the impact of recent contract losses, which have pressured the business and prompted a strategic pivot under the new leadership.
TEG is owned by private-equity giant Silver Lake, which has been active in reshaping its portfolio companies.
The job cuts reflect a broader trend of cost discipline and operational simplification across the entertainment and ticketing sector, where margin pressures have intensified.
The reduction in headcount is expected to affect various departments, though specific details on which roles are being eliminated have not been disclosed.