Hollywood Reporter, Variety Staff ‘Freaked Out’ Over Penske-MRC Media Merger (Exclusive)

The consolidation of Hollywood’s longtime, competing trade publications — Variety, The Hollywood Reporter and Billboard — has left editorial staff “freaked out” from the sudden move and questioning what a larger Penske Media empire could mean for critical industry coverage and layoffs, insiders told TheWrap on Wednesday. “The staff is freaked out,” said an insider who got the news during a 7 a.m. Billboard editorial meeting in a vague email from MRC co-CEOs Modi Wiczyk and Asif Satchu. “People are really upset. It’s how [MRC] constantly handle everything.” TheWrap spoke to multiple employees at Penske and MRC publications who expressed shock and uncertainty over the merger of the longtime competitors and the possible implications to pursuing coverage. The THR newsroom was already in turmoil over ethical issues involving interference in reporting on movie and television projects backed by MRC’s production arm, as TheWrap has reported. The email from MRC leadership noted: “We’re really excited to share the breaking news below about partnering with PMC across media and long form content, which gives us an incredible opportunity to expand and evolve the brands and their influence. We appreciate this will cause some anxiety as well as some excitement. We look […]

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