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Valence Media, owner of THR-Billboard, will be renamed MRC (EXCLUSIVE) – Variety

 


The Hollywood Reporter-Billboard Group, a centralized publishing label that includes the two business publications, will be renamed MRC Media, insiders familiar with the company have said. Variety.

In addition to the new group name, the parent owner Valence Media will also change its name to MRC – taking the nickname of the content studio the company owns, short for Media Rights Capital.

The news of these plans comes Monday after the exit of the editor of the editor of Hollywood Reporter Matthew Belloni. Belloni’s departure stems from conflicts with the management of Valencia over editorial independence in Hollywood commerce. Valencia pressured Belloni to soften coverage of the celebrity publication and the companies it did business with, insiders said.

A Valencia insider said the desire to rename the property was prior to Belloni’s departure, and the THR-Billboard group has been internally called MRC Media since May. The change will have no impact on editorial staff and publications production at a granular level, the insider said, and employee email addresses will remain the same at THR and Billboard.

Valence Media is headed by executives Asif Satchu and Modi Wiczyk, who founded MRC, a production store with films and series including “Knives Out”, “Ozark” and the original Netflix flagship “House of Cards” .

The Hollywood Reporter has also reportedly been pressured to promote projects and properties supported by Media Rights Capital and other divisions in Valencia. Valencia owns Dick Clark Productions in addition to the news and studio division, which makes its constellation of business partnerships both entangled and expansive. THR-Billboard president Deanna Brown also reportedly pushed Belloni to return to a cover that was striking or more difficult.

In a memo to staff, Belloni alluded to tensions with ownership of the publication even though he called it “100% friendly”.

When he left, a spokesperson for Valence Media said: “We are committed to our publications and journalistic integrity. We have been working and working for 18 months with the Poynter Institute to follow modern best practices and maintain optimal editorial independence. “



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