The Hollywood Reporter was founded in 1930 by William R. "Billy" Wilkerson (1890–1962) as Hollywood's first daily entertainment trade newspaper. The first edition appeared on September 3, 1930, and featured Wilkerson's front-page "Tradeviews" column, which became influential. The newspaper appeared Monday-to-Saturday for the first 10 years, except for a brief period, then Monday-to-Friday from 1940. Wilkerson used caustic articles and gossip to generate publicity and got noticed by the studio bosses in New York and some studio lots tried to ban the paper.

Wilkerson became friends with Howard Hughes and the paper wrote many favorable stories about him and his film plans. In return, Hughes, in addition to advertising revenue, also provided financial assistance to the paper when necessary.

Wilkerson ran The Hollywood Reporter until his death in September 1962, although his final column appeared 18 months prior. Wilkerson's wife, Tichi Wilkerson Kassel, took over as publisher and editor-in-chief when her husband died.