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Cuts Reach Conde Nast Media Group; BBC Slashes Spending By $583 Million
March 20, 2009
The cuts keep coming at Conde Nast, this time to the company's Media Group, which works with corporate advertisers -- who buy across at least three titles at a time -- and drives 80 percent of the company's revenue. Group president Richard Beckmanwill lose between 10 and 20 of his 135 employees. WWD also hears that publishers have been told to cut 10 percent of their budgets, whether that comes from layoffs or through savings on travel and events. This comes on top of a five percent staff cut back in November. The company is also freezing pension plans. The reason for the drastic ...
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