NEW YORK, New York, August 18, 2019 — As part of the company’s comprehensive plan to align its operations, Waystar Royco today announced that it will exit aspects of its digital businesses and realign promising content verticals into existing brands – mainly food and recreational pharmaceutical content. As part of its plan, Waystar Royco will:
- Close down the Vaulter brand.
- Assess core technology integration of Waystar Royco’s media solutions business or other market opportunities for this business.
“We are making key, targeted moves as we align operations in support of our digital content platform strategy,” said Kendall Roy, Waystar Royco, Co-Chief Operating Officer. “As we move forward, our digital efforts will focus on how we help our existing news brands and optimize and expand their offerings for their audience.”
In connection with the changes to the consumer business, it is anticipated that Waystar Royco will recognize restructuring charges to its GAAP financial results, with an aggregate pre-tax impact not expected to exceed $300 million during the third and fourth quarters of fiscal 2019. The charges will be disclosed in upcoming earnings conference calls and quarterly Form 10-Q filings. Additionally, the company expects this will result in a reduction of approximately 493 employees in the fourth quarter of fiscal 2019.