Layoffs have begun at Valence Media, the conglomerate that owns editorial operations like The Hollywood Reporter and Billboard, and content material retailers like Dick Clark Productions and Media Rights Capital.
Senior writers and editors at Billboard and Vibe magazines had been pink slipped early Tuesday, staff tweeted. Cuts at THR are additionally anticipated to start on Tuesday, insiders advised Selection. These layoffs are believed to incorporate editorial staff, in addition to staffers in different departments.
A minimum of eight folks had been dismissed from Dick Clark Productions, mentioned one supply of the producer of the annual Golden Globe awards, and roughly three staffers from “Ozark” and “Knives Out” producer MRC. A Valence Media spokesperson had no rapid touch upon the matter. The layoffs are anticipated to proceed all through the day.
The workers discount was attributed to COVID-19, mentioned Vibe deputy editor William Ketchum III, in a tweet.
“At present was my final day as deputy editor at @VibeMagazine. My place was eradicated on account of varied layoffs throughout the guardian firm in response to the coronavirus. Grateful to have practically two years with some of the iconic manufacturers in music/cultural journalism,” he wrote.
Regardless of the chaos inflected by the pandemic, The Hollywood Reporter was shedding roughly $10 million yearly and its house owners had been pushing to rein in prices.
Extra to come back …