Updated After longtime Variety editor Peter Bart was eased out of power last week, the conventional wisdom was that major staff changes could be in store. And here they come, at the entire company. Layoffs!

According to The Wrap, Reed Business Information, Variety's parent company, is laying off 7% of its total staff, and warning employees that unpaid furloughs may be coming next. Among the victims: Michael Speier, Variety's executive editor.

Update: All told, we hear that around eight or ten editorial jobs were cut in today's round of layoffs. Others to go include several copy editors, a web editor, an art department staffer, New York-based assistant managing editor Dade Hayes and L.A.-based reporter Dan Frankel. These follow a previous round of cuts in January.