Individuals close to the struggling trade say announcement of Wolff’s ouster is imminent
Michael Wolff is on his way out as editorial director of Adweek, two individuals close to the publication confirmed to TheWrap.
The ouster, which has been predicted for weeks, comes less than a year after he took over the struggling trade publication.
Richard Beckman, CEO of parent company Prometheus Global Media, did not immediately respond to request for comment. Neither did Wolff.
There had been a steady drumbeat of reports throughout September that Prometheus had decided to end Wolff's tenure. And on Thursday morning, Gawker reported that the editor is indeed out. Two individuals close to the publication subsequently confirmed his imminent departure to TheWrap.
Noted Vanity Fair columnist and book author Wolff took over Adweek last October and ushered in a major redesign, broadening the trade magazine and its website's coverage beyond the ad business into realms of media, politics and culture.
However, Prometheus has apparently been unhappy with Adweek's poor ad sales and the fact that Wolff has alienated the trade's core Madison Avenue readership with his moves.
The ouster comes amid other turmoil at Prometheus. This week, the company laid off remaining staffers at Hollywood Creative Directory, as TheWrap first reported.
Also troubling for PMG, Penske Media Corporation, parent company of rival Deadline Hollywood, sued the Hollywood Reporter earlier this month for copyright infringement.
And then there are the reports of financial troubles both at THR and at Prometheus. THR has denied those rumors, citing increased ad sales, but even Beckman, told TheWrap in July that those sales had not yet reached the level he hoped for when he took over.