Layoffs Hit Valence Media: Hollywood Reporter, Dick Clark Productions, Billboard, Vibe Affected

Layoffs have begun at Valence Media, the conglomerate that owns editorial operations like The Hollywood Reporter and Billboard, and content shops like Dick Clark Productions and Media Rights Capital.

Senior writers and editors at Billboard and Vibe magazines were pink slipped early Tuesday, employees tweeted. Cuts at THR are also expected to begin on Tuesday, insiders told Variety. These layoffs are believed to include editorial employees, as well as staffers in other departments.

At least eight people were dismissed from Dick Clark Productions, said one source of the producer of the annual Golden Globe awards, and roughly three staffers from “Ozark” and “Knives Out” producer MRC. A Valence Media spokesperson had no immediate comment on the matter. The layoffs are expected to continue throughout the day.

The staff reduction was attributed to COVID-19, said Vibe deputy editor William Ketchum III, in a tweet.

“Today was my last day as deputy editor at @VibeMagazine. My position was eliminated as a result of various layoffs across the parent company in response to the coronavirus. Grateful to have nearly two years with one of the most iconic brands in music/cultural journalism,” he wrote.

Despite the chaos inflected by the pandemic, The Hollywood Reporter was losing roughly $10 million annually and its owners were pushing to rein in costs.

More to come …