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November 16, 2012 by · Leave a Comment 

The new owner of Variety has informed its staff that the trade publication is laying off 20-25 people in several of its business units. The figure represents about 12 percent of Variety‘s reported 165-member staff. Word of the layoffs first appeared in a post on, a corporate sibling of Variety, which conspicuously did not mention them in today’s (Friday) editions. In a message to the employees, Variety‘s new owner, Jay Penske, said that the layoffs were part of “an exciting and also aggressive trajectory for the brand’s resurgence.” Today’s Los Angeles Times reported that Penske also plans to cut back on the number of times the trade paper is published in print each week. (It is now published Monday through Friday.) He is also expected to remove the paywall on its website in the first quarter of next year, according to the Times.