Hollywood entertainment company Valence is in the process of slashing more than a third of the newsrooms jobs at its Hollywood Reporter and Billboard publications, The Post has learned.
The Valence Media-owned publications will see 35 percent of their newsrooms slashed by end of the day Tuesday, according to a well-placed source. The source said the cuts will hit the publications’ corporate management and advertising sides before spreading to the entire Valence operation, which includes Dick Clark Productions, the producer of awards shows like the Golden Globes and content studio MRC, behind series like “Ozark” and “House of Cards.”
A rep from Valence declined to comment.
Valence is on “financially shaky” ground,” the source told The Post, adding that since the coronavirus pandemic hit, “the bottom fell out” for the company.
The cuts follow the exit of the Hollywood Reporter’s top editor, who left the company earlier this month amid conflicts with co-CEOs Modi Wiczyk and Asif Satchu.
According to reports, Hollywood Reporter’s top editor Matthew Belloni clashed with his bosses over stories that were deemed too “negative” to attract advertisers. The edict to soften up coverage reportedly came from Valence.
“This will be a rough road for them. It will be run on fumes,” a source said of the well-read Hollywood and music publications.