Variety’s Penske Media Corporation will take over operations of The Hollywood Reporter, Billboard and Vibe so says an article from The Wrap..

The joint venture comes amid financial struggles for trades magazines, particularly The Hollywood Reporter. 

Numerous cuts this spring are not enough to stop the need to cut “$9-$10 million dollars.” The cuts include fewer print editions.

Even before the pandemic, The Wrap says the Hollywood Reporter has been losing revenue for more than a decade. The report says its worst years had losses as high as 30 million.

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