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.”
Last week, The New York Observer‘s John Koblin predicted that the Condé Nast titles most in danger of being designated by McKinsey for “frequency reductions” are epicurean titles Gourmet and Bon Appetit and men’s mags GQ and Details.
Condé Nast execs to make big cuts, insiders say –Crain’s New York Business
Earlier: McKinsey Wraps Up At Condé Nast