Dick Clark Productions hit by layoffs after acquisition

has been updated: Dick Clark Productions was laid off today, two weeks after being acquired by production company Penske Media Eldridge, a PMC subsidiary and joint venture between Penske Media Corporation and Eldridge.

“As we look to evolve dcp’s current business model and invest in the company’s long-term growth, change is essential to ensure a sustainable path,” PMC spokeswoman Brooke Jaffe said in a statement to Deadline, which owns PMC, further down. Comment

According to sources, the cuts were deep, affecting around 16 people, some of whom took to social media to share the news. This is believed to be about 15% of the company’s workforce, which was already reduced by a round of layoffs a year ago. I heard that the cuts were across the board, affecting all areas of the company, including executives at various levels They follow dcp president Adam Stotsky whose departure was announced at the time of the acquisition last month.

I heard the new owners are expected to meet with DCP staff on Monday.

dcp is considered the largest owner and producer of television live entertainment programming, including the Golden Globes, American Music Awards, Academy of Country Music Awards, Billboard Music Awards. Dick Clark’s New Year’s Rockin’ Eve.

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