The Hollywood Reporter and Billboard are the latest magazines bracing for staff losses.
Valence Media, which owns the entertainment and music publications, is said to be cutting personnel and headcount expenses by $10 million, according to The Wrap, which cited a company source.
The cuts are coming during the financial upheaval caused by COVID-19. However, The Wrap notes THR has been losing money for years as it makes its transition to digital, while sustaining its weekly print run.
The layoffs, expected to hit THR hardest, follow the departure of editorial director Matthew Belloni on April 6, said to be the result of clashes with Valence’s co-CEOs Asif Satchu and Modi Wiczyk over editorial freedom.
Fifteen months ago, Billboard and THR laid off 22 people as part of Valence Media’s business restructuring.
The two legendary trades were sold to Guggenheim president Todd Boehly in 2015. He joined the entities with production company Media Rights Capital. Its work includes “Ozark,” “House of Cards” and “Knives Out.”
On Thursday, Variety reported the two magazines will rebrand as MRC Media, and Valence will change its name to MRC.