The Hollywood Reporters Parent Company Continues To Cost Cut: Prometheus Pulled Plug On Hollywood Creative Directory; Adweek Also In Trouble And In Turmoil

Deadline recently wrote that The Hollywood Reporter was laying off and/or firing staff because of financial problems.Internal sources at embattled parent company Prometheus Global Media revealed toDeadline this week that the Hollywood CreativeDirectory employees, comprised of its publishing director of 17 years ValenciaMcKinley and her staff of three, were laid offand informed that theoutlet had been sold.There’s no question that Prometheus is looking to cut costs especially with The Hollywood Reporter hemorrhaging red ink because of soaring overhead. Two execs from the previous and new administrations say the Hollywood Creative Directory has its own P&Ltherefore it’s a separate entity inside Prometheus — even though the HCD website reads “The Hollywood Creative Directory is part of the information services unit of The Hollywood Reporter.” That’s apparently only for co-branding purposes. Interestingly, one insiderdoesn’t even think theHCDwas sold. Another believes that was just a cover story so Prometheus’ money problems wouldn’t be made public.There’s alsonews that another Prometheus publication,Adweek, is suffering declining ad revenue under its redesign with editor Michael Wolff hired last October. But now the high-profile Wolff is considered a goner.So that’s another Prometheus publication in trouble. Once upon a time, HCD was a vital phone book for those hunting down film/TV/music industry producers, directors, talent reps, and executives who find and lose jobs or dealsso frequently. HCD had a virtual monopoly on its biz and its staff worked incredibly hard, providingso much work with so little resources. But now so much of the HCDdata can be accessedin many places and more cheaply.The $79.95 seasonal printvolume of the Hollywood Creative Directory and the annual subscription for the printed directory ran as high as $179.95. Both were rendered more or less obsoletein the Internet age.Evenan annual online subscriptionto IMDB.pro costs $124.95 (or $15.95/month) vs. the Hollywood CreativeDirectory’s yearly online access fee of $199.95 (or $19.95/month). while Excelmailing lists topped out at $399.95. Former Hollywood Reporter and Billboardowner VNU Business Media initially acquired the Hollywood Creative Directory aspart of its purchase of IFilm Corp. in September 2004. Deadline had theHCD news on Tuesday but was saving it for Nikki Finke’s upcomingexpanded behind-the-scenes biz report about Prometheus and The Hollywood Reporter. [FULL DISCLOSURE: Deadline Hollywood's parent company PMC is suing The Hollywood Reporter's parent company Prometheus for copyright infringement.]

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