According to the New York Observer, post McKinsey, Details, Glamour and Traveler will see budget cuts of up to 25%-ish. What does that equate to industry terms? Work harder, suck up to the bosses and find leverage to keep your feet firmly on Condé Nast territory. Purportedly, Gourmet and Teen Vogue may see their fair share of penny pinching after their boardroom talks with the well-kempt young guns of McKinsey. At least Si Newhouse’s favorite, The New Yorker, was spared from McKinsey axes.
From The New York Observer:
“There will be significant layoffs,” said one alarmist source at the company. “Significant.”
Another well-placed source explained that editors and publishers can address the layoff issue in one of two ways: “A lot of the junior people might be let go, but if I decide we need more Indians than chiefs, I can cut two senior people and fulfill a giant chunk of the cut.”
Until the end of the fiscal year in January, the final decision have yet to be made. We should be seeing lower volumes of issues and “significant layoffs.” It’s a frightening time to be an editor. There is no doubt about that.