Janice Min tried to soothe staffer concerns on Monday after TheWrap exclusively broke news of Guggenheim’s spinoff of The Hollywood Reporter, Billboard, Adweek, Mediabistro and Dick Clark Productions to Guggenheim President Todd Boehly.
The move was “driven by a broader internal reorganization within Guggenheim Partners,” the co-president and chief creative officer for The Hollywood Reporter and Billboard wrote to staff on Monday.
She, along with co-president John Amato told staff the changes won’t have any “material impact” on day-to-day business.
“The new investment platform remains affiliated with Guggenheim Partners and the ownership reorganization will not have any material impact on our business, personnel, or anything day to day,” she wrote.
“This re-org is not unlike many internal restructurings occurring across large diversified investment management businesses like Guggenheim,” Min continued. “It should create additional flexibility for our portfolio companies to pursue our goals.”
As TheWrap reported, annual losses at The Hollywood Reporter currently range from $25 million to $30 million. Boehly aims to shrink that number down to $20 million, according to two individuals familiar with the company.