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Roughly 22 people have been laid off at Billboard and The Hollywood as parent company Valance Media undergoes a restructuring of it business operations, according to a source familiar with the cuts.
The layoffs were part of an attempt to streamline the company’s business operations, eliminating redundancies and over-staffing in certain areas. The source told TheWrap that the cuts were about retooling the business strategy and not economical decisions.
There were five departments within the business operations that were impacted.
The editorial staffs of Billboard and The Hollywood Reporter were not affected by the layoffs, according to the person. Dana Miller, who served as the Chief Marketing Officer for Billboard and The Hollywood Reporter was a casualty of the layoffs, however.
The source told TheWrap that while the company is cutting jobs now, the head count should actually go up over the next several months as they look to hire roughly 40 additional people as part of the reorganization.
Valence Media launched last year through the combination of three media companies: Billboard-Hollywood Reporter Media Group (“Billboard-Hollywood Reporter”), dick clark productions (“dcp”) and MRC.
Valence is led by Asif Satchu and Modi Wiczyk, the co-founders and co-CEOs of MRC. Satchu and Wiczyk serve as co-CEOs of Valence, while Todd Boehly serves as Chairman.
Variety was first to report the news.