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Conde Nast Cuts Jobs, Closes Magazines and Cancels Events in Wake of Financial Crisis
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by Terri Potratz | November 3, 2008 at 09:28 am
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In the wake of troubling financial times, Conde Nast Publications has opted to close down several of its magazines and lay off employees, and cancel large-scale promotional events for the year.
The move comes as somewhat of a surprise, considering that many predicted luxury clothing brands and magazines would remain protected from the economic downfall - but in reality, consumers all across the board (both high-end and not) are tightening their purse strings, which has prompted advertisers to pull magazine ads and retailers to scale back shipment orders.
Condé Nast Publications Inc., which has so far been relatively insulated by its private ownership and stable of affluent-aimed titles (and which also owns WWD), said it would absorb Men’s Vogue into parent magazine Vogue, retaining only editor in chief Jay Fielden (and reportedly his assistant) to edit a biannual supplement.
Portfolio, the ambitious business magazine the company launched in 2006, laid off nearly all of its Web staff as well as several magazine editors and writers, and reduced the magazine’s frequency to 10 times a year. Managing editor Jacob Lewis was said to be going from office to office at the title on Thursday to inform those editors and writers who were being let go, with at least nine being laid off as of Thursday afternoon.
The company is also expected to make budget cuts of 5 percent across its titles, which could include reductions by attrition or layoffs. Advertising Age reported Condé Nast will suspend its Fashion Rocks and Movies Rock concerts and supplements next year.
The 02138, Radar and Culture & Travel magazines, all aimed at more affluent demographics, were also closed down this week.
Conde Nast is not unique in its cutbacks - Martha Stewart Living Omnimedia reported an 18% decline in ad revenues in the third quarter; BusinessWeek cut 270 jobs in their third quarter; Time Inc. is restructuring with 600 jobs cuts; American Express Publishing is cutting 5% of its workforce, and Hearst Magazines will be selectively cutting costs by department, even in their major publications like Harper's Bazaar and Town & Country.
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Most RecentMost Recommended Comments (2)
at 10:11 on November 3rd, 2008
How can one editor compile and edit an entire magazine? I hope they realize that their overall quality might suffer as the result of the job cuts, and can potentially lower their revenues even more.
at 10:38 on November 3rd, 2008
I guess that's why he got to keep his assistant? Even for a bi-annual supplement, that's a big job for one/two people. I'm sure they'll spread the rest of the company employees as thinly as possible and make them available to projects like that.