Wednesday, April 15, 2020

Deep Staff Cuts Begin At Billboard, Vibe, Hollywood Reporter | Hypebot

Deep Staff Cuts Begin At Billboard, Vibe, Hollywood Reporter

Layoffs began on Tuesday at Billboard, Hollywood Reporter, and Vibe in an effort by owner Valence Media to dramatically reduce costs.

The cuts will total “$9-$10 million of personnel and headcount expenses,” an insider at the company told The Wrap. Deeper cuts were initially planned since losses at the media company are said to be $18-$19 million per year, according to the source. Other reports suggest a broader financial crisis at Valence Media

The staff at Vibe appears to have been all but eliminated. At least 8 were let go at Valence owned TV producer DCP.

The Hollywood Reporter will reportedly also be hit hard with staff cuts starting on Wednesday. On Monday HR editorial director Matthew Belloni exited abruptly “after clashing with Valence’s chief executives over journalistic ethics and editorial oversight.”

Billboard was hacked, apparently by its own former IT staff.

Former Staffers Took To Social Media

Bruce Houghton on 04/15/2020 in

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