The Hollywood Reporter's Parent Company Continues To Cost Cut: Prometheus Pulled Plug On Hollywood Creative Directory; Adweek Also In Trouble And In Turmoil

Deadline recently wrote that The Hollywood Reporter was laying off and/or firing staff because of financial problems. Internal sources at embattled parent company Prometheus Global Media revealed to Deadline this week that the Hollywood Creative Directory employees, comprised of its publishing director of 17 years Valencia McKinley and her staff of three, were laid off and informed that the outlet had been sold. There’s no question that Prometheus is looking to cut costs, especially with The Hollywood Reporter hemorrhaging red ink because of soaring overhead. Two execs from the previous and new administrations say the Hollywood Creative Directory has its own P&L therefore it’s a separate entity inside Prometheus — even though the HCD website reads “The Hollywood Creative Directory is part of the information services unit of The Hollywood Reporter.” That’s apparently only for co-branding purposes. Interestingly, one insider doesn’t even think the HCD was sold. Another believes that was just a cover story so Prometheus’ money problems wouldn’t be made public. There’s also news that another Prometheus publication, Adweek, is suffering declining ad revenue under its redesign with editor Michael Wolff hired last October. But now the high-profile Wolff is considered a goner. So that’s another Prometheus publication in trouble. (more…)

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