Variety parent company, Reed Business Information laid off 7 per cent of its staff Tuesday, including Variety‘s executive editor Michael Speier, The Wrap reports.
In a company-wide e-mail, Reed Business CEO Tad Smith blamed increasingly dismal financial projections for the need to make further staff cuts.
“We recently completed our quarterly forecast for the full year and the revenue outlook continues to concern us. On January 26th I wrote to you that we might reduce further our staffing levels if the economic circumstances became worse than our already conservative expectations for 2009. We are in that unfortunate situation today.”
Speier was previously under consideration to manage the trade’s daily newsroom operations before being passed over for editor Tim grey. It’s unknown how many other Variety staffers will be affected by the company-wide layoffs, but the Hollywood trade is suffering from declines in advertising and online readership and already cut 30 staff members in January.
Business Insider Emails & Alerts
Site highlights each day to your inbox.