Joe Shields Leaves The Hollywood Reporter

Joe Shields, most recently President of The Hollywood Reporter, has left the publication after two years. A spokesperson for Penske Media Corporation confirmed the move on Tuesday.

No reason was given for the exit, but sources at the publication told me Tuesday morning that it was involuntary. "He had clashed more frequently with Jay (Penske) in recent months and this doesn't surprise me at all," one current employee explained. "THR is in the midst of a fairly major shakeup because Jay is unhappy with the profitability and seems to believe bringing in fresh blood - and maybe people who align with his vision - will make that easier." 

Shields is just the most recent in a string of high-profile changes at The Hollywood Reporter over the past two years. In November, the publication replaced co-editor-in-chief Nekesa Mumbi Moody with Shirley Halperin, who had recently resigned as editor of Los Angeles Magazine. Several of the people Moody had hired during her stint - including movie critic Mesfin Fekadu have recently left the publication. 

In December, longtime THR editor-at-large Kim Masters left the publication to join digital rival Puck as a partner and entertainment correspondent.

When Moody left, I reported that digital advertising at the publication had slumped in recent months:

I have been told by several people familiar with the metrics at the outlet that while revenue from events and sponsorships has held relatively steady over 2024, advertising revenue has slumped significantly. Which would match the situation most news outlets have experienced this year.

PMC is a private company and doesn't report revenue numbers much less break outlet the performance of individual titles. But the perception of the industry as well as many current and former employees is that the longtime Hollywood trade outlet has weakened significantly over the past 18 months.

That digital advertising slump has continued and I've been told that THR's events business has struggled to meet internal revenue goals. "It's an increasingly competitive sector right now, and THR is increasingly seen as a secondary choice by buyers," an industry advertising executive told me last month. "The name value has worth, and more often than not, that is what is being sold. It's also being sold in packages with other PMC publications, which is not a huge vote of confidence."

All of this turmoil might be the reason behind this move. Shields joined The Hollywood Reporter in September 2023, after spending a decade at iHeart Media. Before that, he was VP of integrated sales and marketing at FX Networks. A story announcing his addition to The Hollywood Reporter touted his experience in business integration and marketing:

“Joe brings a comprehensive set of business skills to this role, along with a deep understanding of the entertainment landscape,” said Penske Media chief operating officer George Grobar. “He is uniquely experienced in marketing, sales and operations and leads with a team-first approach. His demonstrated track record in building multiplatform and live media businesses and hands-on experience across audio, video and branded content will help drive THR’s next wave of growth. We look forward to THR’s continued success under his stewardship.” 

No replacement has been announced for Shields and he has not yet responded to requests for a comment.

After publication, Joe Shields provided this statement: 

I left PMC on amicable and mutual terms. There were no issues with Jay Penske. Also wanted to mention that the Events, Video and Branded Content divisions were actually the most profitable and had significant growth. 

I circled back with some of my sources and they assured me that he was indeed let go by Penske. So I'll leave it to all of you to decide which take makes more sense.