The pink slips we mentioned the other day are starting to fly at Condé Nast. According to WWD, the company cut 50 from the business side. The result is 25 percent decrease of the company’s media department.
As expected, the layoffs came under the watch of relatively new CMO Edward Menicheschi. The former Vanity Fair publisher has only been on the job for three months, but he wasted no time getting his hands dirty via what are obviously cost-cutting moves.
Unfortunately for Condé staffers, the layoffs probably aren’t over. Magazine publishers are meeting with president Bob Sauerberg on Tuesday. If the publishers aren’t hitting their budgets, more cuts are likely on their way.