Year-End Condé Nast News: Subpoenas, Ad Sales Concessions, New Project

2009 was a difficult year for Condé Nast, one of the big magazine publishers based in New York. Things got so bad for the company, it hired infamous consultants McKinsey & Co. to come in and look over its books, eventually slashing budgets by about 25 percent across the board for 2010 and scuttling six pubs before the year was out. Since it’s a large industry leader, media watchers look at changes at Condé Nast as indicative of the sector — so after a tough year good news for Condé might mean good news for the rest of us.

First, the publisher seems to be (finally) recognizing that its bread and butter, luxury advertising, has taken a nosedive in recent years.

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