UPDATE: Los Angeles Times Editor Davan Maharaj today announced ”a new leadership team for one of the most important journalistic franchises at The Times”. Granted, this is like moving deck chairs on the Titanic given that the newspaper has become lazy and irrelevant and its showbiz ads fall 25% every year as movies and even theater chains abandon the publication. And those are readers and advertisers who aren’t coming back, either. Nevertheless John Corrigan, who has been Business Editor since 2009, will top the newspaper’s arts and entertainment coverage starting Monday as an assistant managing editor. He replaces Sallie Hofmeister whom Maharaj recently exited. (Related: LA Times Exits Longtime Showbiz Editor)

In other moves, Laurie Ochoa, the former editor of LA Weekly, becomes the LA Times‘ Arts and Entertainment Editor reporting to Corrigan. And TV critic Mary McNamara now has the additional title of Senior Culture Editor.

But there was no announcement confirming what former LA Times Arts And Entertainment editor Craig Turner today wrote on his Facebook page: “It looks like the Business section is being downgraded again, and will cease to exist as a stand-alone section, folding into the A section. As a result, Calendar will get some later deadlines and all the Company Town stories — on business of entertainment — will appear in Calendar, not Business.”

Editor-in-Chief Nikki Finke - tip her here.