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Posts Tagged ‘McKinsey & Co.’

Don’t Forget, Magazine Closures At Condé Nast Are Still Possible

pink slip.jpgEarlier this week, new reports about Condé Nast executives’ meetings with publishers and editors of various publications mentioned budget cuts of around 25 percent — but not the possibility of title closures. Although there has been ominous talk all summer predicting what titles may get the axe after McKinsey & Co. leaves 4 Times Square for good, we were hopeful that the proposed budget cuts meant Condé’s magazines were safe for now.

Not so fast, says today’s Memo Pad column in Condé-owned WWD. Just because conversations have shifted from closures to budget cuts doesn’t mean we won’t see some titles fold in the near future.

At recent meetings with chief operating officer John Bellando, editors and publishers have been asked to trim budgets and given a packet outlining ways to accomplish this — “with everything from employee head count, freelance budgets, publishing schedules, travel and expenses, photo shoots and administrative costs being scrutinized,” the Memo Pad item said.

However, after leaders from Condé’s titles formulate their cost-cutting plans and submit them to the company’s management, some magazines still might end up on the chopping block. Or not. Or who knows really.

“Top executives at the company could still decide to close titles as opposed to endure budget cuts so extreme that production quality would be jeopardized or advertising and circulation growth would be too difficult,” the column explained. “Or, as earlier chatter indicated, management could opt for no closures at all and tough it out until the economy recovers.”

Turns out, even media reporters from inside Condé Nast’s walls don’t really know much more than anyone else. We’ll be keeping an eye on all of these developments.

Memo Pad: Not So FastWWD

Earlier: Layoffs On The Horizon For Condé Nast?

(Photo via Flickr)

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Another Cost Cutting Measure: Condé Cuts Newspaper Subscriptions

4timessquare.jpgOver the past year, Condé Nast has tried a number of cost-cutting measures — from limiting corporate car use to shutting down whole magazines. Yesterday, the company said it would no longer be paying for its employees’ newspaper subscriptions. Is this evidence of McKinsey & Co. at work?

According to a memo leaked to Mediaite, the company will no longer pick up the tab for newspaper subscriptions, single copies or house accounts at Hudson News — unless a title can’t be found online or in the Condé library.

What will they cut next? Gym membership discounts? Visits from the sushi chef? Where will they draw the line?

(Photo from Flickr)

Condé Nast + McKinsey =

conde.pngThe title of this post was actually the subject of an e-mail we received this week. So what’s the answer to this horrible equation? According to our tipster:

“Buyout offers to senior personnel, the mentor class if you will, the only ones capable of passing along a given publication’s ethics and ethos.”

mckinsey.pngSounds like any sense of “ethics” floating around the upper echelons of Condé Nast may be on the way out soon. But senior personnel aren’t the only ones who are facing the chopping block. Earlier this week another tipster told us her experiences with McKinsey consulting at her pub started with the president calling staffers into a meeting and announcing, “Look to your left, look to your right — your neighbor may not be here after this initiative.”

If you’ll try anything to save your job, Gawker has compiled a survival guide for Condé Nasters. But, having been through the layoff ringer once ourselves, this is the best advice we’ve heard all week:

“It’s a good idea to release any sense of control you might have over your future.”