Penske begins layoffs at Variety

variety-sign-300.jpgThe first round of reductions at Variety under new owner Jay Penske was announced in a 1:40 p.m., unbylined post at sister site Deadline.com. "The total number of this first round of layoffs is 20-25 people — none in editorial, we’re hearing." The "Dear Team" memo from Penske is up there:

For the past six months, we have diligently reviewed every aspect of the Variety business. And in more recent weeks, we have outlined to Variety senior management an exciting and also aggressive trajectory for the brand’s resurgence. These steps will include substantial further investment in editorial and digital, but will unfortunately require some immediate eliminations in the following business units: LA411/NY411, Circ, Systems, Conferences, and Admin.


Without a doubt, this is a challenging day, and I particularly wanted to notify and acknowledge those of you who will be saying goodbye to valued colleagues and friends. As we look ahead, Variety’s business holds almost limitless potential and I will remain available to answer any questions you might have regarding today’s changes and our future. As always, please don’t hesitate to reach out to me, or see Tammy Chase to arrange an appointment.

The follow at the LAT's Company Town blog says Penske and his consultants are looking at reducing the number oif print issues that Vasriety publishes each week. The layoffs represent about 12% of Variety's 165-person staff, says the LAT's Ben Fritz.


More by Kevin Roderick:
Theo Ehret accolades continue
THR cleans up at National Entertainment Journalism awards
Richard Riordan briefly in hospital with chest pain
UCLA 38, USC 28
Rose Bowl warns fans: no umbrellas
Recent Trades stories on LA Observed:
THR cleans up at National Entertainment Journalism awards
Penske begins layoffs at Variety
Penske warns The Wrap not to poach from Deadline
Afternoon media notes
Mike Fleming seeks to reassure his colleagues at Variety

New at LA Observed
Follow us on Twitter

On the Media Page
Go to Media
On the Politics Page
Go to Politics

LA Biz Observed
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner


Advertisement
LA Observed on Twitter and Facebook