(CelebrityAccess) — Staff at Billboard and The Hollywood Reporter are reportedly facing deep staff cuts next week as part of cost-savings measures at the two publications.
According to The Wrap, an insider said that cuts are expected to include “$9-$10 million of personnel and headcount expenses,” from parent company Valence Media in the face of steep financial losses at the two publications.
The insider told The Wrap that the majority of the cuts will be at THR and follow editorial director Matthew Belloni, who abruptly resigned last week in the midst of an apparent editorial dispute.
The goal of the downsizing is to return the two publications to profitability, The Wrap reported.
Both Billboard and THR were acquired from private investment firm Guggenheim Partners in 2015 by Edridge Industries, a private investment company created by former Guggenheim Partners senior execs Todd Boehly and Anthony D. Minella.
In 2018, Eldridge consolidated several of its media holdings, including THR and Billboard, as well as Dick Clark Productions, and film and television production company Media Rights Capital into a new company, Valence Media.