Billboard and IndieWire are the latest media outlets under PMC to make layoffs, with Billboard firing two senior editors and another employee on Friday, a Billboard staffer told TheWrap. At the same time, two employees of another Penske company, IndieWire, were also fired.
The layoffs follow editorial cuts across Penske’s other entertainment properties.including varieties Lost four employees this week The Hollywood ReporterThe show underwent an edit last week, TheWrap exclusively reported.
BIllboard international editor Alexei Barrionuevo, Billboard Pro team contributing editor Joe Levy and hip-hop/R&B reporter Neena Rouhani were fired. Both Barrionuevo and Levy started working for Billboard in 2019. Additionally, IndieWire TV Editor Steve Greene tweet He was also fired on Friday. Senior writer Jude Dry was also fired from IndieWire, TheWrap reported.
Representatives for Penske did not respond to two emails or phone calls from TheWrap.
Billboard staffers were notified at a town hall on Thursday that layoffs would be taking place due to poor financial performance over the past two quarters, the staffer said.
The Billboard layoffs follow layoffs at other PMC businesses over the past few weeks, including The Hollywood Reporter and type. A former senior editor at THR told TheWrap last week that they expect more rolling layoffs in the coming weeks.
According to TheWrap Earlier this month, Penske Media Publishing was expected to make layoffs after missing revenue targets for the previous quarter. PMC insiders told TheWrap that THR missed 75% of its first-quarter 2023 sales target, while sister site Deadline met only 30% of its fourth-quarter 2022 revenue target.
Penske Media Corporation took over Billboard and THR in 2020. PMC also owns Rolling Stone and Deadline.