Just 2 weeks after being acquired by Penske Media Eldridge, Dick Clark Productions has laid off a significant number of employees.
The exact number of affected employees has not been made public, but TheWrap has learned that approximately 15% of the company’s workforce was let go in the cuts. Dick Clark Productions has around 50 employees, according to an individual with knowledge of the matter.
“As we look to evolve dcp’s current business model and invest in the company’s long-term growth, change is essential to ensure an enduring path forward,” PMC said in a statement provided to TheWrap.
Penske Media Eldridge, a subsidiary of Jay Penske’s Penske Media Corporation, acquired Dick Clark Productions in late January. The company produces the Golden Globe Awards, American Music Awards, and “Dick Clark’s New Year’s Rockin’ Eve With Ryan Seacrest,” among other programs.
Penske Media Eldridge also owns Variety, Rolling Stone, The Hollywood Reporter, Billboard, and Deadline, among other digital publications, and also major events such as SXSW and the ATX Television.
The layoffs also follow the 2023 Golden Globe awards, which ended up being the lowest-rated ceremony in the show’s history.
Deadline first reported the layoffs.