Edited by Hillary Frazier on
John Koblin from the New York Observer talked to insiders from McKinsey that told him the news about Conde Nast’s cut backs:
- Budget reductions of around 25% at Details, Traveler, Glamour, Gourmet, and Teen Vogue.
- Unknown budget cuts at the rest of the Conde mags—except the New Yorker, which is escaping unscathed, according to the NYO.
- The various mag editors get to determine how to achieve their budget cuts.
- No immediate magazine closures are predicted, but some of the weaker titles may reduce their frequency.
- Layoffs are coming.
I’m going to say it again…Print is DEAD!!
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