Tough news today as PMRC, the recently announced joint venture between Deadline parent company PMC and MRC, will lay off around 50 of the 250 employees who are coming over from Billboard, The Hollywood Reporter and Vibe. I got from a THR source a copy of an internal email sent out this morning by MRC co-CEOs Modi Wiczyk and Asif Satchu (read below). Editorial is not expected to be among those laid off. As often happens in a joint venture like this, layoffs will fall in the area of brand support employees, where there are shared positions in the back offices of PMC and MRC. Those impacted are being told this morning and the memo discloses that there will be exit packages and up to six months of COBRA insurance, and job placement assistance offered. There will be approximately 40 layoffs today, while the rest will stay temporarily in a transitioning process. Deadline is not directly part of the PMRC configuration, but after reporting all the painful consolidation at agencies and studios in the past six months, we certainly feel for those impacted by this morning’s action. Here is the memo from Wiczyk and Satchu just sent out.

Colleagues –

With the news of Billboard, The Hollywood Reporter and VIBE moving into PMRC, our joint venture with Penske Media (PMC), many questions about the path forward have begun to circulate. As you can imagine, there are various elements to the strategy for a stable and long-term future for these iconic brands and not everything can possibly be covered in one letter. We will gather on Friday, and will discuss more in the coming weeks.

For now, our first and most painful step has implications on our workforce. Unfortunately, we will be saying goodbye to some of our colleagues today. It’s