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The parent company of major publications like The Hollywood Reporter and Billboard magazine have laid off a significant portion of its staff, according to an internal memo.
Valence Media, which also oversees companies Media Rights Capital, Vibe, and Dick Clark Productions, made the "difficult" decision to cut 30 percent of its staff amid the financial blow sparked by the coronavirus pandemic. Deadline obtained a copy of the memo written and sent out to staff Tuesday night by co-CEOs Asif Satchu and Modi Wiczyk.
"As we have seen, even the biggest companies in the world are being forced to make very difficult decisions. Those companies that avoid making hard choices now risk having to make even worse choices later. Our company is no different. We are strong, but we are not immune to the crisis," the CEOs wrote. "Today we enacted difficult, but necessary measures to remain strong for our employees and partners."
Deadline reported that Satchu and Wiczyk are not taking salaries and high-level staffers who make over $100,000 will face salary reductions.
Valence Media declined to comment.
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Many companies across the media landscape are facing similar dilemmas. The Los Angeles Times furloughed roughly 40 employees for at least a 16-week period. Vox Media is reportedly planning to furlough 100 employees.
BuzzFeed also faced a round of salary cuts in an effort to prevent layoffs. The same occurred at publisher Condé Nast, where Vogue editor-in-chief Anna Wintour reportedly took a pay cut.