Representatives for Exclusive Media issued a formal statement on Friday (21) following redundancy notices for “six or seven assistant level” staff.

It is understood the staffers have been let go in light of the disappointing global performance of Rush (pictured) and an expensive top-heavy structure designed to accommodate aggressive growth at the financier-producer-sales company.

Friday’s development follows what is believed to be the redundancy of an unquantified, albeit low, number of other employees.

Friday’s statement read: “Collaborative and fruitful discussions between Exclusive Media’s management and Dasym Investment Strategies are ongoing.

“Dasym will continue its support for the company. Together we have taken steps to right size our operations. We anticipate making a formal announcement regarding the go forward plan for the company within the next few weeks.”

A report in Screendaily on the eve of the EFM stating that Exclusive Media had embarked on a process of consolidation sparked a flurry of reports during the market about the fate of the company.