Follow LA Observed on Twitter here
Janice Min is stepping down as co-president and chief creative officer of The Hollywood Reporter after six years in which the trade came back from the almost-dead to win numerous awards. Competitor The Wrap says THR loses $20 million a year and might be up for sale, but this morning's story in the New York Times says only that Min will join Eldridge Industries, which controls the Reporter and Billboard, in "a new role devising a 'media-investment strategy.'” That could or could not lead to a sale, the NYT says.
Min spoke to the Times on Sunday and its story is the one she tweeted this morning.
Thanks everyone @THR, Hollywood people, and everyone who supported this crazy adventure. I had a ton of fun https://t.co/MzMaGtIIGN
— Janice Min (@janicemin) February 6, 2017
The story says that the chairman of Eldridge Industries, Todd Boehly, "has been interested in adding more entertainment properties to his company’s portfolio (the streaming service Hulu was one target in the past). Eldridge hired Moelis & Company and Goldman Sachs last summer to conduct a strategic review of its media holdings, which resulted in the $1 billion sale of another property, Dick Clark Productions, to the Dalian Wanda Group."
Mr. Boehly, who also owns pieces of the film companies A24 and Media Rights Capital, has said that the trade publications are not for sale, but neither was Dick Clark until a major buyer emerged.
Ms. Min, 47, owns a substantial stake in The Reporter.[skip]
Asked why she had decided to step aside, Ms. Min said: “It’s a natural progression. It’s a much easier decision when there are great people to take the reins.”...
Ms. Min, a former editor of Us Weekly magazine, took over The Reporter in 2010 at a time when it was dying a slow death, bleeding from repeated layoffs, vanishing advertisers and diminished relevance in a news cycle dominated by cutthroat entertainment blogs. She eviscerated the five-times-a-week publication, remaking it as a glossy, large-format weekly magazine with an expanded focus on the lifestyles of entertainment industry power players and a seemingly endless photography budget.
Taking over as editorial director at THR will be Matthew Belloni, now the executive editor. He has been at The Hollywood Reporter since 2006 and has been running the news side for Min. "There won’t be major changes, but there will be a natural evolution, of course, as we try to stay ahead of the curve," Belloni said. He appears regularly on Kim Masters' weekly Hollywood show, "The Business," on KCRW.
Min also ran Billboard and that trade will now be edited by senior VP for content Mike Bruno. He has been at Billboard since 2014 and used to run the digital side at Entertainment Weekly.
THR's announcement story says that the trade "is now the most widely read media outlet in the entertainment industry and just completed its four biggest months in web traffic in its history." The trade is having its annual pre-Oscars bash tonight.
Personal news: I'm the new Editorial Director of @THR. Very excited for this new challenge, big thanks to @janicemin for, well, everything.
— Matthew Belloni (@THRMattBelloni) February 6, 2017
The Wrap reported this morning, citing unnamed inside sources, that the group that operates THR and Billboard lost around $20 million in 2016 and is "looking for a new buyer after failing to stem years of financial losses."
