Condé Must Cut “25-Ish Percent”
Consulting firm McKinsey’s work is done and they’ve recommended that Details, Traveler and Glamour cut their 2010 budgets by 25 percent; Gourmet and Teen Vogue are thought to have been asked for similar cuts, the New York Observer reports. (The New Yorker is exempt from these cuts.)
Sounds like editors are being given leeway as to how they reach that 25 percent target, though most sources suspect that layoffs will be a part of the cuts, as it’d be difficult to lose 25 percent of the budget by cutting expenses or freelance, say. But there will be no title closures—at least not for now.
The revised magazine budgets will be coming in over the next three weeks.
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