Penske’s entertainment industry pubs are struggling

Max Tani of Semafor examines the struggles of Jay Penske’s entertainment industry publications The Hollywood Reporter, Deadline, Billboard and Variety.

Tani writes, “One person with knowledge told Semafor that THR missed its first quarter revenue goals by at least 20%. The misses have forced cost-cutting measures: THR decided not to do its ‘Most Powerful People in Media’ event this year, a glitzy who’s who of news media held every year at the Pool. The Wrap, the independent trade rival of PMC, reported earlier this year that PMC missed its revenue targets, forcing layoffs and a hiring freeze across several of the publications.

“The protracted writers’ and actors’ strikes could further damage the companies from the business and editorial sides. The Hollywood trades rely on a steady stream of exclusive promotions for shows and movies, some of which has dried up as production has ground to a halt and as writers and actors have stopped promoting their work.

“Further complicating the picture, the small-world power dynamic runs both ways in the cozy study business. Three people familiar with the matter told Semafor that Amazon pulled a million-dollar advertising buy from THR after Kim Masters reported on internal tensions and issues within the tech company’s streaming studio.”

Read more here.