More layoffs planned by Jay Penske?

Jay Penske

Dragon Racing IndyCar team owner and Variety Media‘s Chairman/CEO Jay Penske is planning editorial firings at the top-heavy Variety Magazine in March. He also is overseeing a redesign of Variety’s website for March.

Penske laid off between 20 and 25 employees last November 15th from the circulation, database and conference departments – but not editorial. Variety had about 120 staffers before Penske took over. Tim Gray keeps pontificating to editorial that things are going to change and Variety will go in a new direction. But nobody knows what that means.

Penske announced on October 9th that he bought the once $200 million-valued trade, reportedly for the fire-sale price of $25 million. Penske now maintains an office at Variety’s headquarters at 5900 Wilshire Blvd as well as at PMC’s Inglewood, CA headquarters. Deadline.com