Hollywood Reporter, Billboard Set for Deep Staffing Cuts by Owner Valence Media (Exclusive)

WAXWORD

Up to $10 million in cuts are slated for next week on the heels of the firing of THR editorial director Matthew Belloni

The Hollywood Reporter and Billboard are set for deep staffing cuts next week by parent Valence Media in an effort to reduce personnel and headcount expenses by up to $10 million, TheWrap has learned.

The cuts are expected to rise to “$9-$10 million of personnel and headcount expenses,” according to an insider at the company though it is unclear just how many employees may be affected. The downsizing was initially slated to be even deeper, since losses at the media company are estimated at about $18-$19 million a year, this insider said.

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J. Clara Chan

J. Clara Chan

Media and politics reporter • jclara.chan@thewrap.com • Twitter: @jclarachan

Sharon Waxman

Sharon Waxman

Sharon Waxman, is the founder, CEO and Editor in Chief of TheWrap. She is an award-winning journalist and best-selling author, and was a Hollywood correspondent for The New York Times.