Billboard Magazine is bleeding top talent, with publisher Lisa Ryan Howard and editor-in-chief Danyel Smith handing in their walking papers, TheWrap has learned.
In addition, deputy editor Louis Hau and other high-level staffers have exited the music industry's leading trade, according to sources close to the publication.
According to those individuals, Billboard is in the process of cutting costs. Raises have also been few and far between. This has produced low morale, and prompted these exits, as well as a fast rate of turnover in general.
A Prometheus spokeswoman did not immediately return a request for comment.
Three different top editors have left Billboard in the past three-and-a-half years. Smith took over in January of 2011, succeeding Craig Marks. Marks followed Robert Levine, who began in September of 2008.
Smith, the former editor of Vibe Magazine, had already acknowledged her departure on her Twitter account. Part of her "about me" section read "editor of Billboard Magazine [until March 1]."
Hau has been with the publication since 2008, when he joined from Forbes.
Bill Werde remains editorial director, overseeing its magazine, websites and other digital offerings.
Founded in 1894, Billboard was owned by Nielsen until 2009 when E5 Global Media bought Billboard Publications, which included titles such as The Hollywood Reporter and Adweek.
E5, formed by JImmy Finkelstein and Todd Boehly, is now Prometheus Global Media.
Financial troubles have plagued other Prometheus titles. It shed the Hollywood Creative Directory last fall and spun off Back Stage as well. Meanwhile, sources have indicated that revenue at both Adweek and The Hollywood Reporter has failed to meet expectations.