Could Condé Nast Cut Budgets By 25 Percent?
With McKinsey & Co. wrapping up its time at Condé Nast, the speculation has begun about how the magazine publisher will change its business in the coming months.
Today, Crain’s New York Business reports that editors and publishers have been asked to prepare for meetings to discuss next year’s budgets. They will likely be asked to cut budgets, perhaps by as much as 25 percent, the article said.
“The assumption behind the cuts is that advertising is not going to rebound any time soon,” observed reporter Matthew Flamm.
One Condé insider told Flamm that the company, “‘isn’t going to become like Hachette,’ referring to Hachette Filipacchi US, publisher of Elle and Woman’s Day, which is known to run a bare bones operation.”
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