Dick Clark Productions Hit By Layoffs Following Acquisition

UPDATED: Dick Clark Productions underwent layoffs today, two weeks after the production company was acquired by 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 an enduring path forward,” PMC spokesperson Brooke Jaffe said in a statement to Deadline, which is owned by PMC, declining further comment.

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

The new owners are expected to meet with dcp staff on Monday, I hear.

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