Variety and The Hollywood Reporter merged into one company controlled by Variety owner Penske Media Corp (PMC).

The new entity, combining PMC and The Hollywood Reporter owner MRC (rebranded earlier this year from Valence Media), will be called PMRC. Reportedly, The Hollywood Reporter had been losing $30 million a year.

If long-term implications are not yet known, it is expected that short-term consequences involve layoffs, early retirements, and some defections. Plus, foreign offices will close.

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