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Variety followed up Sunday’s Academy Awards with a different batch of envelopes, handing out pink slips to eight editorial staffers — inclu…

Variety

Variety followed up Sunday’s Academy Awards with a different batch of envelopes, handing out pink slips to eight editorial staffers — including chief film critic Todd McCarthy and theater critic David Rooney — in its latest reorg. Reed Business Information has sold or plans to sell most of its U.S. titles that rely heavily on advertising but has said it will keep the Hollywood trade. As explained by Editor Tim Gray in a detailed internal memo (via Romenesko) stressing that Variety is “in profit,” the changes are meant to back up a business model with far less reliance on subscriptions and advertising. RBI titles outside the U.S., he wrote, only get 10-20 percent of their income from those dual revenue streams.

Gray wrote: “It

  1. Last year I was truly saddened and depressed when Gourmet magazine shut its doors and ceased publication. With Variety, I just find it a real shame that a media outlet that dominated an industry for more than 75 years couldn’t find a way to transition into the digital age. How sad.

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