Today Folio magazine posted an interview with Drew Schutte, senior vice president and chief revenue officer of Condé Nast Digital, about the direction of Condé Nast online and the future of the publishing company.

Unsurprisingly, Schutte was defensive about Folio‘s assertion that Si Newhouse‘s titles have been late to adapt to the whole World Wide Web thing. At the same time, Schutte’s reassertion of the old Condé adage that the Internet will never replace magazines and that any digital content is merely a “supplement” to the print product is really starting to sound stale, considering the major losses Condé’s print editions have suffered lately.

Read on for some key points from Schutte’s interview

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If you thought you were done hearing about layoff reports coming from Condé Nast, think again.

On Friday, Gawker reported that seven people were laid off at Glamour on the sales side.

Then came the news that the media company was launching a dating site, TrulyMadlyDating.com, sponsored by Glamour.com and GQ.com. Will this new revenue stream be enough to keep the company out of the red?

Last month, we interviewed Caroline Little, the North American CEO of Guardian News & Media, which publishes the British newspaper The Guardian. We asked what we always ask very powerful media people: can digital advertising replace what we’ve lost in print ads?

Little’s response was a resounding no. She said print publications were going to have to look for alternate streams of revenue, and she specifically pointed to a dating service that the Guardian operates in the U.K. called Soulmates. “You could use that in local markets,” Little said of U.S. publications.

Looks like Condé Nast is well on its way to taking that advice.

One day after telling staff it had hired consulting company McKinsey & Co., Condé Nast announced that is was deconstructing its Men.Style.com Web site and giving the site’s related magazines, Details and GQ their own sites.

This move is long overdue, since one of the magazines encompassed by Men.Style.com — Men’s Vogue — was shuttered last year as part of Condé’s cost cutting measures. There are reports that the Men.Style.com staff will be moved over to GQ.com, but we’re sure this is just the beginning of restructuring to come at the company now that McKinsey is on board.

Since the announcement yesterday, one anonymous tipster let us know what the experience was like when McKinsey was hired by Times Mirror Magazines in the 1980s. Then-president Francis Pandolfi called the staff into a rented out movie theatre and gave a prophetic speech.

“Look to your left, look to your right — your neighbor may not be here after this initiative,” Pandolfi said, according to our source. The company then hired McKinsey and spent a $1 million, which was quite a lot 20 years ago. The result? “Many people lost their jobs and then the company was bought out,” our tipster said.

Read on for a translation of yesterday’s Condé Nast memo.

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