Ticketek Entertainment Group (TEG) is undertaking a major restructuring and cost-cutting drive after losing two significant venue contracts in Australia, intensifying pressure on its private-equity owner Silver Lake.
The company recently lost a contract with Venues NSW, valued at roughly $100 million, to Ticketmaster. A separate contract for Melbourne Park was awarded to AXS. Silver Lake acquired TEG in early 2020 for $1.3 billion.
In a staff email sent Monday, CEO Cameron Hoy, who succeeded Brad Banducci on June 1, cited “challenging market conditions” and a “clear objective to refocus on our core strengths.” He wrote, “We need to simplify our operating model to support the long-term success of TEG.”
An insider indicated the cuts will affect 42 positions in Australia and two in the Philippines, representing 5.5% of the workforce, with the reductions expected to be finalized this week. Hoy also told employees he would soon provide “an update on our FY27 strategy and how we optimise our group-wide platforms and expertise, for the benefit of our business, people and partners.”
TEG declined to comment.
