Following McKinsey’s Directives, Condé Nast Told To Start Cutting
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Now that McKinsey & Company’s review of how Condé Nast’s should manage its costs amid dwindling ad revenues has been submitted, the decisions about where to start slicing are ready to begin. AdAge has details of an e-mail sent to the heads of CN’s 21 mags from Chief Operating Officer John Bellando telling them to get ready to meet this week to go over the budgets. There’s no word on what individual mags like Vanity Fair, whose ad pages have dropped 35 percent through October, according to Media Industry Newsletter, and Gourmet, whose ad pages have declined 43 percent, will be faced with.
But AdAge’s unidentified sources say that there could be a 25 percent across-the-board cut at all pubs. So far, there’s been little discussion of how Condé Nast Digital will be affected by the cuts. Last November, CondéNet, as the unit was known before it was restructured this past year, laid off dozens. One source told paidContent that staffers are gearing up for more pain, nearly a year later, as uncertainty about what’s coming grows.
Posted In: Advertising, Media & Publishing, Magazines, Companies, Conde Nast
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