(Hypebot) — Billboard and Hollywood Reporter owner Valence Media laid off seven editorial staffers at Spin Media Group this week across music sites Spin, Stereogum and Vibe as the profits from a resurgent music industry fail to trickle down to the media that serve it.
“The decisions were made in conjunction with a pivot in business and content strategy,” a source close to the situation told Billboard, adding that the publications still remain committed to music.
The Hollywood Reporter and Billboard Media Group employ more than 400.
