After reducing pay and furloughing some staffers, Condé Nast is having to make further cuts as it treads water amid the coronavirus pandemic.
The publisher of Vogue, The New Yorker, GQ, Vanity Fair and other titles just revealed it was laying off around 100 staffers in the U.S. Another 100 staffers will be furloughed, while others will be placed on reduced working hours. It did not disclose where the job losses would occur, but the furloughs are understood to be in areas heavily impacted by the COVID-19 crisis, such as events.
“Through this crisis we’ve all gone through many states of emotion, personally and professionally, and I’m deeply saddened to have to write this note with the news that we’ll be saying goodbye to some of our U.S. colleagues,” chief executive officer Roger Lynch said in a memo to staffers. “These decisions are never easy, and not something I ever take lightly.”
The announcement comes on top of a number of cost-cutting measures already taken at the company. In early April, Lynch informed employees that from May 1 he would cut salaries of those making more than $100,000 by between 10 and 20 percent across all markets. The reductions will be in place for five months.
Lynch took a 50 percent reduction in his base salary, as did the external members of its board. The rest of the executive leadership team — which includes Vogue editor in chief and Condé Nast artistic director Anna Wintour, who is one of the publishing company’s highest-paid executives — reduced their base salaries by 20 percent.
In addition, the media company implemented reduced working hours and work week schedules such as three- to four-day work weeks for certain roles, “in particular where government programs and stimulus packages can help supplement employees’ earnings.” At the time, Lynch admitted that job losses were likely, but did not offer any further details.
As reported by WWD, Condé, which has around 6,000 employees worldwide, has also adjusted the publishing schedule of some of its U.S. titles, including Vogue, Vanity Fair and Condé Nast Traveler, due to falling advertising and difficulty of producing content.
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