About 45 people lost their jobs at the Toronto-based gaming and esports media company. Enthusiast Gaming also plans to shut some offices, find “efficiencies” in its ad tech and rely on “insourcing of production and content resources,” it said in a press release. The company said it aims to achieve the target savings by the end of its first fiscal quarter. (Adweek, The Logic) 

Talking point: The cuts come at a challenging time for media organizations struggling with the decline in online ad dollars—Enthusiast’s main source of revenue. Beyond that, the firm has endured a prolonged period of leadership instability following an activist investor campaign in 2022. CEO Adrian Montgomery was ousted after the firm’s largest shareholder, Greywood Investments, claimed there were “significant issues” with culture and management under his leadership. Montgomery’s replacement, Nick Brien, resigned after less than a year; Montgomery has been back at the helm on a temporary basis since January.  The company’s stock plunged more than 18 per cent in intraday trading, before recovering to close roughly four per cent lower Friday.