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Photo by Todd Williamson/Getty Images for THR

Valence Media, which includes digital media brands like The Hollywood Reporter, Billboard and Vibe, is laying off 30% of its employees within its editorial division, according to a memo from co-CEOs Asif Satchu and Modi Wiczyk that went out to staff Tuesday night. In total, around 100 people will be laid off, according to a source familiar with the cuts.

Why it matters: It's the latest media company that's been been forced to take drastic measures to survive the economic fallout of the coronavirus.

  • The Wrap reported last week that the Valence cuts could be coming.
  • On Tuesday, The Los Angeles Times reportedly sent a letter to 40 employees indicated that they would be furloughed for 16 weeks, and that those furloughs could convert to layoffs.

Details: Around 25% of the Tuesday layoffs hit journalists at those 3 publications, according to a source familiar with the cuts.

  • The rest of the editorial division jobs that were cut belonged to a wide array of functions including sales, marketing, technology, social media and events.
  • According to a source familiar, both of the company's big magazines, Billboard and The Hollywood Reporter, will undergo reductions in its print frequency.
  • Billboard will publish one issue per month throughout the summer and will then resume a more regular cadence in the fall. The Hollywood Reporter is expected to publish slightly less frequently than usual.

Outside of the media division, roughly a dozen employees across the rest of the company were laid off. The rest of the company includes Dick Clark Productions, a production company, as well as the films, television and data divisions of MRC, a Hollywood studio.

  • In the memo, the co-CEOs say they provided severance packages to the employees impacted, which includes six months of extended health care.

Between the lines: Valence has taken additional measures to ensure economic stability during the crisis, including hiring freezes and salary reductions.

  • The salary reductions "affect only those making more than one hundred thousand dollars per year and increase progressively," per the memo, "with the highest-paid shouldering the biggest percentages."
  • The company has created a program that enables employees impacted by salary reductions to recoup their losses based on the future success of the company. The money obtained through the salary cuts will go to a collective pool that will be used to pull from to recoup those losses in the future, according to a source familiar. with the plans.
  • The co-CEOs say they will forgo their full salaries and they will not participate in the recoupment program. A source says that the two co-CEOs haven't been taking their salaries for the past 3 weeks.

The big picture: The news comes just days after The Hollywood Reporter editor Matthew Belloni exited the company following reported disputes with company owners over editorial coverage.

  • Last week, The Daily Beast reported on emails authored by senior executives at Valence that appear as though executives were pressuring editorial staff to report in a way that favored the parent company.
  • According to spokesperson at Valence, the emails forwarded to The Daily Beast lacked context.

In response to that situation, a spokesperson from Valence Media tells Axios that the company is "committed to our publications and to journalistic integrity."

  • Valence has been working with the Poynter Institute on creating guidelines on media ethics across the organization.
  • "We are, and have been for the past 18 months, in the process of working with the Poynter Institute to follow modern best practices and maintain optimal editorial independence," they said.
  • "We have implemented many of Poynter’s recommended changes and recently opened up the discussion beyond our leadership teams to all editorial staff."

Go deeper:

Go deeper

Federal judge blocks Biden's vaccine mandate for federal workers

President Biden speaking from Eisenhower Executive Office Building on Jan. 21. Photo: Yuri Gripas/Abaca/Bloomberg via Getty Images

A federal judge in Texas blocked the Biden administration from enforcing its coronavirus vaccine mandate for federal workers on Friday, citing the outcome of last week's Supreme Court ruling that nullified the administration's vaccine-or-test requirement for large employers.

Why it matters: It's a blow to President Biden's efforts to increase the U.S.' vaccination rates, though much of the federal workforce has already been vaccinated against the virus.

Updated 5 hours ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Pfizer and Moderna boosters overwhelmingly prevent Omicron hospitalizations, CDC finds — Omicron pushes COVID deaths toward 2,000 per day — The pandemic-proof health care giant.
  2. Vaccines: The case for Operation Warp Speed 2.0 — Starbucks drops worker vaccine or test requirement after SCOTUS ruling — Kids' COVID vaccination rates are particularly low in rural America.
  3. Politics: Biden concedes U.S. should have done more testing — Arizona says it "will not be intimidated" by Biden on anti-mask school policies.
  4. World: American Airlines flight to London forced to turn around over mask dispute — WHO: COVID health emergency could end this year — Greece imposes vaccine mandate for people 60 and older — Austria approves COVID vaccine mandate for adults.
  5. Variant tracker
Updated 6 hours ago - Economy & Business

Janet Yellen co-opts Reaganomics phrase for new Davos speech

Treasury Secretary Janet Yellen at a speech this week. Photo: Alex Wong/Getty Images

The U.S. needs to focus on increasing its productive potential, Treasury Secretary Janet Yellen told world leaders Friday, calling for what she terms "modern supply side economics."

Why it matters: She co-opted a phrase traditionally used by political conservatives to describe low-tax and deregulatory policies — and framed the Biden administration's initiatives as the best path forward to achieve greater national prosperity.