The Manchester-headquartered group behind online publishing brand LadBible is to make one in ten of its employees redundant.
LBG Media, which has its head office in the Northern Quarter, said it made the "prudent decision" in order to reduce its cost base "whilst ensuring that the business maintains its ability to take market share and grow".
The group's brands also include UNILAD, SPORTbible, Tyla and GAMINGbible while it has offices in London, Dublin, Melbourne and Sydney and recently opened a base in New York.
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LBG Media has now launched redundancy consultations with its staff. The Manchester Evening News understands that no final decision has been made on the number of employees that will be let go.
The group was co-founded in 2012 by chief executive Alexander (Solly) Solomou and chief operating officer Arian Kalantari while studying at university and completed a £360m float on the London Stock Exchange's AIM in December 2021.
At the time, LBG Media raised £30m for the group and £81.1m for selling shareholders with the move.
However, since the float shares have slumped from 175p to 71p today. The company's shares had seen a high of 206p in the middle of February but have been declining since the start of May.
A spokesperson for LBG Media said: "As we stated at the time of our half-year results, we have seen improving momentum in indirect revenues and direct bookings are also showing good momentum although advertisers are making decisions with shorter lead-times.
"Notwithstanding this we have made the prudent decision to reduce our cost base whilst ensuring that the business maintains its ability to take market share and grow."
In September, BusinessLive reported that LBG Media had created almost 100 jobs during the first half of its financial year but had slipped to a pre-tax loss.
The company posted a loss of £1.9m for the six months to June 30, 2022, compared to a profit of £5.6m during the same period in 2021.
Its revenue increased from £23m to £24.8m while the average number of people employed by the company increased to 473 from 380.
The group's global audience grew from 253 million to 315 million while its content views rose from 26 billion to 35.8 billion.
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