Like many media watchers, The New York Observer‘s John Koblin, who has been diligently tracking the goings on at Condé Nast since McKinsey & Co. was hired a few months ago, is eagerly anticipating news of layoffs from 4 Times Square. It’s unclear how the company will implement its much-needed cost cutting, but layoffs are pretty much a given. But the question on everyone’s lips is: when will they start?
According to Koblin, reduced budgets — which executives have reportedly been asking publishers and editors to trim by about 25 percent — will be finalized in the next few weeks. Then, it’s bombs away:
“Technically, any editor and publisher can wait until the end of the fiscal year — the end of January — to break the news to staffers getting cut. The 25-ish percent reduced budget doesn’t kick in until Feb. 1.
This means layoffs could start in October at 4 Times Square and stretch out for several weeks.”
So, mark your calendars. Looks like D-Day at Condé could be in October, while others will have to wait in agony to find out their fate.
Got any news? Keep us posted about any breaking layoffs news.
Layoffs Will Come To Condé Nast, but When? —The Observer