When the world around you is falling apart, there’s only one thing to do: find a new world.
While Condé Nast’s Vanity Fair was in the grip of severe layoffs, the editor decided not to be the bearer of bad news, taking a vacation instead. The NY Post didn’t say if he used Gadling to choose a destination, but we’re all hoping he did. The total discharged from Condé Nast is believed to be greater than 450 this year, and there are likely to be more to come among the contributing editors. The sizeable cut at Vanity Fair is largely the result of Carter’s decision to generally ignore the order to cut 5% of the crew late last year.
Condé Nast is forecast to sustain a net loss of $200 million this year, thanks to a $400 million year-over-year decline in ad revenue. McKinsey & Co. was brought in to help the company right the ship – which explains the penchant for job-chopping.
Fortunately, McKinsey has no skin in the game other than its fee. Otherwise, it would probably have the sense to cut further, spin of the magazines for what little it could get and let the rest just die.
I’m not thrilled to see Condé Nast in this condition. I subscribe to three of its magazines (The New Yorker, Wired and Vanity Fair), but I only made the decision to do so thanks to the very low prices they’re now charging for subscriptions. I thoroughly enjoy the content in all three, but I realize that the model supporting them is far from stable, so I’m making sure not to fall in love.