Variety executive editor Michael Speier is among those losing their jobs as part of a 7% staff cut across parent Reed Business Information, says The Wrap.com. It's the second big reduction this year at Variety, and RBI CEO Tad Smith cautioned employees that things could get worse, including unpaid time off:

We are not yet ready to announce a so-called ‘furlough,’ but I ask each of you to be prepared in your personal lives if we need you to take 5-10 unpaid days off this year.

* Also leaving: Assistant managing editor Dade Hayes. Variety story

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