Parent company Valence Media will be cutting jobs at both The Hollywood Reporter and Billboard in an attempt to reduce expenses by up to $10 million, reports The Wrap.
The downsizing was initially stated to be bigger as the company is at an estimated loss of about $18-$19 million a year.
The move comes at a time when already the ongoing pandemic is shutting newsrooms hence, leading to hundreds of people losing their jobs. However, as per reports, The Hollywood Reporter has already been losing millions of dollars per year for some time now.
In addition, a major media shake-up in 2015 also saw Guggenheim Partners, along with multiple other investors, spinning off The Hollywood Reporter, Billboard Magazine, Adweek, Dick Clark Productions and Mediabistro to Guggenheim president Todd Boehly.
As of now, Valence has declined to comment on the situation.
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