Billboard parent company Valence Media is laying off staff from a variety of magazine teams. The various brands include Spin, Stereogum and Vibe.
Valence Media began the round of layoffs starting Monday, September 16. While letting seven employees go, this is the first string of layoffs we are aware of. While the parent company of Valence Media, the Hollywood Reporter-Billboard Media Group employs more than 400 staff members, the layoffs are not insignificant. Furthermore, reports say that the changes come with a shift in business strategy for the company.
In 1985, publisher Bob Guccione Jr. founded Spin. The magazine stopped running print in 2012 when it migrated to digital. In 2002, Scott Lapatine founded Stereogum. Starting as a daily internet publication focusing on music news, it also covered song premieres and music commentary.
This Spring, industry veteran media Deanna Brown joined as president of Valence’s Billboard-Hollywood Reporter Media Group. Perhaps some of the changes are coming from her leadership. She has over three decades of experience as a media executive, entrepreneur and Fortune 500 executive. Ultimately, Brown’s experience made her a heavily supported candidate for the role. Valence co-ceos Asif Satchu and Modi Wiczyk said of her qualifications:
“Deanna is uniquely qualified to head this powerful group…she’s strategic, tactical, and has the experience and values to lead and define these brands for the future.”
At this time, there are seven confirmed layoffs. Stay tuned for any future changes with Valence Media and the Billboard-Hollywood Reporter Media Group.