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